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Altcoin price recovery continues, but Celsius gets hammered

By Monte Stewart


Updated

Arrrow image on blurred background
The altcoin price recovery continued Monday, but the Celsius Network coin got hammered – Photo: Getty Images

The overall altcoin price recovery continued Monday despite considerable cryptocurrency market turmoil – with one notable exception.

The Celsius Network coin (CEL) got hammered as several coins other than bitcoin (BTC) posted increases even though uncertainty about crypto lenders continued to reign.

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CEL to USD

Lender sparked sell-off

Celsius launched a market-wide sell-off early last week by freezing deposits and transfers between its 1.7 million customers. The coin gained Friday, but investors cooled to it Monday after Celsius said it needs more time to sort out its financial woes.

“We want our community to know that our objective continues to be stabilizing our liquidity and operations,” Celsius said in its blog. “This process will take time.”

The market also reeled as crypto hedge fund operator Three Arrows grappled with financial difficulties that were finally revealed on Friday.  The company’s co-founders said they are considering asset sales or a potential bailout from another firm.

AAVE to USD

MakerDAO bars DAI coin

According to Capital.com data, AAVE was one of the biggest gainers among leading altcoins as it rose about 12% to surpass the $60 mark in afternoon trading in North America.

AAVE’s increase came after Bloomberg reported on the weekend that decentralized finance (DeFi) platform MakerDAO prevented the DAI stablecoin from being minted and deposited on the AAVE blockchain. A DAO, or decentralized autonomous organization, acts like a company, but without centralized leadership, and collectively sets the direction of the group and its crypto products and services.

BTC/USD

63,816.45 Price
-1.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

383.70 Price
+1.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.58 Price
-8.880% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,422.45 Price
+0.130% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SNX to USD

Synthetix posts big gain

Lesser-known Synthetix (SNX) was up about 50%. According to CoinMarketCap, SNX had trading volume of about $509m, which according to CoinMarketCap. SNX ranks 89th in market capitalization.

Elrond (EGLD) picked up where it left off Friday, climbing approximately 5%. But Helium (HNT) was well down after gaining Friday.

BTC and ether (ETH), the coin backed by the Ethereum blockchain network, also dipped as investors continued to monitor their prices closely. Ether, often referred to as Ethereum fell below $900 on the weekend but managed to get above $1,000 again.

 

Ether faces downward pressure

“The development of Ethereum’s price action suggests that another clear lower high has been formed that could reverse back to the downside,” bitcoin educator and evangelist Andreas Antonopoulos told follower of the Encrypted Technology channel on WhatsApp.

“Therefore, we expect ETH to push back to the current lows of $900 in the next few days.”

Markets in this article

BTC/USD
Bitcoin / USD
63816.45 USD
-732.4 -1.140%
AAVE/USD
AAVE / USD
99.937 USD
-0.863 -0.880%
DAI/USD
DAI/USD
1.0247 USD
0 0.000%
SNX/USD
Synthetix / USD
1.993 USD
-0.006 -0.310%
ETH/USD
Ethereum / USD
3422.45 USD
4.39 +0.130%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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