If you had day-traded stocks during the late 90’s then you probably are aware that Black Friday wasn’t just about shopping, but for trading crazy Nasdaq stocks. While the rest of the family is out shopping, early ETrade and online broker customers used the day off to ‘dabble’ in the market and place their bets (I mean trade 🙂 the next big ecommerce company that was just going to ‘kill it’ during the holiday shopping season. As a result, despite a short trading session on the day after Thanksgiving, it didn’t stop big moves taking place in vast array of no-name tech stocks.
Thanks to the dotcom bust, Black Friday trading isn’t what it used to be. But that doesn’t mean that you don’t still have your occasional high-flyer that makes its mark during this period. In fact, the hot market doesn’t have to be stocks anymore.
Taking the place of the wild-west Nasdaq of the late 90’s for 2013 are digital currencies. While bitcoin is your ‘blue chip’ stock, a whole array of alternatives are seeing trading volumes and their prices spike higher this week. Primarily moving on the back of bitcoin’s appreciation, traders are now moving to find the next big thing. Unlike bitcoins, or better known alternatives like litecoin, namecoin, and novacoin that trade against the dollar, there is growing action with the smaller players like feathercoin, terracoin and peercoin which are denominated against bitcoins.
Where to buy?
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Currently, the two main venues for everything ‘non-bitcoin’ are on BTC-e and Vircurex. On these exchanges the ‘other’ cryptos can reign supreme. Thanks to low prices, it doesn’t take much volume to move prices around. As such, 25% moves in a few minutes are quite common.
If you are looking to get involved and are holding bitcoins already, there is no need to transfer fiat currency, as account holders can fund BTC-e and Vircurex accounts with bitcoins. Both exchanges also offer bank wire transfers for fiat funding.
Ready to buy, below are current prices in both bitcoin and dollar denominations
Happy Black Friday, and trade like its 1999