Cryptocurrency Markets

Asset, instrument and agreement

When you see a crypto product advertised, three separate questions matter. First, which asset is referenced: the underlying coin or token the product points to. Second, which instrument is being traded: a spot purchase, a contract for difference, a perpetual derivative, an index-linked product, or a place in a proprietary trading programme. Third, which agreement gives you rights: the terms that establish what you can withdraw, transfer, redeem or claim, and from whom.

A spot asset, a CFD, a perpetual derivative, an index-linked product and a prop programme are distinct things. A CFD lets you speculate on price movements without owning the underlying asset, as Moneysmart explains. A prop programme may involve simulated trading with conditional rewards, as covered in our guide to how crypto prop firms work. A ticker on a screen does not identify the legal product or your custody rights; the agreement and the applicable law determine what rights you actually hold.

The identities below are short descriptions drawn from project documentation or, where noted, a regulator source. They establish what each asset calls itself, not its performance, security, popularity or investment merit.

Bitcoin (BTC)

The Bitcoin whitepaper proposes a peer-to-peer electronic cash system maintained through a proof-of-work transaction history, according to the project's paper. For definitions of keys, the network and ownership, see what is Bitcoin.

Bitcoin Cash (BCH)

The Bitcoin Cash project presents it as peer-to-peer electronic cash on a blockchain distinct from Bitcoin, following a 2017 chain split. It is a separate asset from BTC, not a share of it.

Ethereum (ETH)

Ether is the native cryptocurrency of the Ethereum network, used to pay transaction fees and for staking, according to Ethereum's documentation.

XRP, the asset associated with Ripple

XRP is the native asset of the XRP Ledger; Ripple is a company, distinct from the asset, as described at XRPL.org. On 7 August 2025 the SEC announced the dismissal of its appeal and of Ripple's cross-appeal, with the district court's final judgment, including a civil penalty and an injunction under registration law, remaining in effect, per the SEC litigation release.

Stellar (XLM)

Lumens are the native currency of the Stellar network, used for transaction fees and minimum balance requirements, according to Stellar's developer documentation.

Solana (SOL)

SOL is the native currency of Solana, used for transactions and fees; the project's token guide distinguishes SOL from tokens created on the network, per Solana's documentation.

Dogecoin (DOGE)

Dogecoin is an open-source peer-to-peer cryptocurrency whose project identifies its Shiba Inu meme branding and community association, per Dogepedia.

Litecoin (LTC)

Moneysmart lists Litecoin alongside Bitcoin and Ether as an example of a native token, on its page covering crypto assets.

Cardano (ADA)

Ada is the native currency of Cardano and the unit used to pay transaction fees, according to Cardano's documentation.

TRON (TRX)

TRX is the native token of TRON; network resource consumption is paid in TRX when available resources are insufficient, and staking relates to resources and voting, per TRON's developer docs.

Polkadot (DOT)

DOT is native to Polkadot, with documented functions including governance and staking, per the Polkadot relay chain documentation.

Avalanche (AVAX)

AVAX is Avalanche's native utility token, used for transaction fees and staking, per Avalanche's developer documentation.

Stablecoins

Stablecoins aim to track a specified asset or basket, as Moneysmart describes. A target peg does not itself promise redemption, backing or a guarantee; those depend on the issuer and the terms. Useful questions include: what backs the token, who the issuer is, and whether holders have any redemption right at all.

Altcoins

This guide uses "altcoin" as shorthand for crypto assets other than bitcoin. The group is far from uniform: two assets labelled altcoins can differ in function, technology and legal status. Category labels overlap and do not define rights.

Meme coins

Community or meme branding is a label, not a description of function or risk. Dogecoin, described above, is associated with Shiba Inu meme branding and its community, as its project documentation notes. No return, utility, liquidity or universal risk ranking follows from the label.

DeFi tokens

Decentralised finance tokens are associated with particular applications or protocols, and their functions are protocol-specific, as Moneysmart notes. No token label promises a payout, ownership of a service or a guaranteed yield.

Infrastructure and oracles

A network token is distinct from an oracle function. Oracles are services that make offchain information available to smart contracts, and designs differ in how data is sourced and trusted, per Ethereum's oracle documentation. A token ticker does not alone establish which services or rights it grants.

Gaming and metaverse tokens

Gaming tokens carry a utility or application label, not an instrument or a property title. Solana's documentation identifies gaming tokens as utility tokens for in-game economies, with application-specific functions. The label alone does not establish ownership of a company, underlying artwork or land; whether any such rights exist depends on the specific token, its terms and the applicable law. Moneysmart notes that an NFT may not give exclusive rights to the underlying asset.

Privacy coins

Monero's project describes privacy-focused transactions, per the project's page. The label is a prompt to examine actual protocol and product disclosures, not a claim that transfers are anonymous or untraceable.

Wrapped and bridged tokens

Wrapping and bridging are different. Wrapped Ether (WETH) is an ERC-20-compatible representation of ETH, issued by a contract against deposited ETH and redeemable through that contract for the same amount, without moving networks, per Ethereum's WETH page. Bridges connect separate chains for data and assets, and their designs vary; depending on design they may introduce smart-contract, systemic financial or counterparty risks, per Ethereum's bridge documentation. There is no guarantee that every wrapped token is one-to-one redeemable or that every bridge works identically.

Crypto indexes

An index measures a selected basket of assets under published rules. S&P's cryptocurrency index series measures the spot-based performance of selected cryptocurrencies meeting stated eligibility and pricing-source criteria, per S&P's index FAQ. A derivative, fund or other product referencing an index has its own rights and terms; the index is distinct from any product built on it.

Crypto-to-crypto pairs

In a pair such as BTC/ETH, the base currency is the first listed and the quote currency is the second, per Kraken's Australian derivatives glossary. A purely hypothetical quote of 20 ETH per BTC, invented here for notation only, would mean one bitcoin is expressed as twenty ether, with no implication about present prices or trade size. This notation alone does not establish whether a trade is a spot purchase or a derivative.

Perpetual futures

Kraken's glossary defines perpetual contracts as derivatives with no expiry, with a funding mechanism related to an index price. Contracts and eligibility vary between providers, so check provider-specific funding, settlement, margin, liquidation and termination conditions before signing up. A glossary definition does not imply availability to any particular Australian retail reader, and other synthetic exposures depend on their own contract terms. See also what are crypto CFDs.

Niche and unfamiliar markets

For an unfamiliar token or product, three research questions apply. Verify the asset, network and contract identity, using on-chain addresses or official documentation rather than names alone. Determine your withdrawal and custody rights from the agreement. Read the pricing, exit and transfer restrictions in that agreement before committing.

Regulation and rights in Australia

Regulatory checks are jurisdiction-qualified. CFD issuers operating in Australia must hold an Australian Financial Services licence, and while licensing requirements reduce risk, they do not eliminate insolvency or counterparty risk; protections also depend on your client classification and jurisdiction, per Moneysmart's CFD page.

For any provider, useful research questions include: which legal entity issues the product, in which jurisdiction, into which client category you fall, and at which product or programme stage you would be entering. Read the applicable agreement before committing. A brand's list of regulators is insufficient to prove that every entity, product or country combination is covered. For practical steps, see opening a crypto account and the guide to cryptocurrency CFD trading.

Related guides

Further reading on our site: cryptocurrency concepts explained for technical foundations, how to trade cryptocurrency for method selection and workflow, the history of cryptocurrency for selected chronology, and the guides already linked above on Bitcoin, CFDs, prop firms and account opening.

Frequently asked questions

Does a crypto ticker mean I own the asset?

No. A ticker identifies the referenced asset, not the legal product. Whether you own and can withdraw the asset depends on the instrument and the agreement.

Are the categories mutually exclusive?

No. Labels such as stablecoin, altcoin and DeFi token overlap, and none of them defines your rights on its own.

Is a stablecoin the same as cash?

No. A stablecoin aims to track a specified asset or basket, but a peg does not itself promise backing, redemption or a guarantee.