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Bitcoin (BTC) recovers as Avalanche (AVAX) joins the top 10

By Rob Griffin

08:03, 21 December 2021

Hand holding an Avalanche coin
Avalanche (AVAX) enjoys strong gains – Photo: Shutterstock

Bitcoin has recovered ground over the last 24 hours after having slipped below $46,000 on Monday morning, its lowest point since September.

The cryptocurrency rose 4.3% to $48,517 early on Tuesday, with ether rising by a similar amount to $4,009.6 after a volatile few weeks.

The improvements came as Avalanche (AVAX) became the tenth-biggest cryptocurrency by market capitalisation after a sterling rally over the past seven days.

Rising market capitalisation

AVAX has enjoyed a remarkable 50% rally over the past seven days – and a 13% increase in the 24 hours up to Tuesday morning – to push its market capitalisation to $2.24bn (£1.69bn).

The success of the currency, which is now trading at $118.17, comes at the expense of other well-known names, with Polkadot (DOT) and dogecoin down to 11th and 12th largest, respectively.

US100

20,427.80 Price
+0.000% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8

BTC/USD

63,803.80 Price
-0.190% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Gold

2,439.34 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0192%
Short position overnight fee 0.0110%
Overnight fee time 21:00 (UTC)
Spread 0.30

XRP/USD

0.55 Price
+1.900% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Its run comes on the back of positive factors such as adding the native version of USDC, a dollar-pegged stablecoin issued by Circle, on its blockchain.

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Positive start

LUNA, the native coin of Terra, has also enjoyed a great recent uplift, with the currency rising 43% over the past week and almost 7% since Monday morning. Its market cap of $30.34bn makes it the ninth largest.

Elsewhere, most of the other leading cryptocurrencies had made gains by Tuesday morning, although tether had dipped slightly and was also down 0.27% over the past seven days.

Solana (SOL) and Cardano (ADA) had both risen around 2% over the previous 24 hours, with the former now having risen 16% in the last week. Binance coin, meanwhile, was up 1.13% since early Monday.

Read more: AVAX price prediction: Is the coin a buy, sell or hold?

Markets in this article

AVAX/USD
Avalanche / USD
27.5486 USD
-0.0713 -0.260%
AVAX/USD
Avalanche / USD
27.5486 USD
-0.0713 -0.260%
BTC/USD
Bitcoin / USD
63803.80 USD
-122.1 -0.190%

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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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