In cryptocurrency trading, understanding pips and lot sizes is essential for effective risk management and trade execution. Although these terms are commonly associated with forex trading, they can also apply to crypto markets, albeit with some variations. 

Pips represent the smallest price movement that a currency pair can make based on market convention. In cryptocurrency trading, especially when dealing with major coins like Bitcoin, the term "pip" might not be used as frequently, since price changes can be significant due to the asset's volatility. Instead, traders may focus on price movements in terms of decimals or whole numbers, particularly given the high value of major cryptocurrencies. 

For example, if Bitcoin moves from $60,000 to $60,500, that 500-point change can be considered as a significant price movement. While the concept of pips is more relevant in forex pairs, traders can still apply similar principles when assessing price changes in cryptocurrencies. 

Lot sizes refer to the quantity of an asset that a trader buys or sells in a single trade. In forex, standard lot sizes are often defined as 100,000 units, while mini lots are 10,000 units, and micro lots are 1,000 units. In cryptocurrency trading, the concept of lot sizes can vary depending on the specific cryptocurrency being traded. 

Most cryptocurrency brokers allow users to trade in fractional amounts, meaning traders can buy a portion of a cryptocurrency rather than a whole unit. For instance, if Bitcoin is priced at $60,000, a trader can choose to buy 0.01 BTC for $600 instead of committing to a full unit. This fractional trading is particularly advantageous for retail traders who may want to limit their exposure to high-priced assets.