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Crypto market wrap: Altcoin price levels back in the red

By Monte Stewart


Updated

Crypto Chart
Altcoin price levels went back in the red on Wednesday as bitcoin declined and brought the rest of the cryptocurrency market down with it. - Photo: Getty Images

Altcoin price levels were back in the red Wednesday, one day after surging.

Bitcoin (BTC) declined to near $20,000, bringing the rest of the cryptocurrency market down with it.

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BTC to USD

Shiba inu jumps and falls

Popular meme coin shiba inu (SHIB) jumped more than 20% overnight, Forkast reported, and managed to stay up 10% while most altcoins were down, according to Crypto Trends. But SHIB was down more than 3% during afternoon trading in North America, according to CoinMarketCap.com, as investors staged a sell-off to reap their profits.

But, even with the decline, SHIB was up more than 27% from a week earlier.

CEL to USD

DOGE jumps and falls

Dogecoin (DOGE) also rose sharply in early morning trading activity before dropping in the afternoon. But the coin still posted a large week-over-week gain.

The struggling Celsius Network’s coin (CEL), AAVE, THETA, APE, helium (HNT) and axie infinity (AXS) were among the hardest hit as their declines reached double figures on a percentage basis. WAVES, a relative unknown, was down about 8% in afternoon trading in North America, according to CoinMarketCap data. On Tuesday, WAVES mushroomed about 44%.

AAVE to USD

 

BTC/USD

97,747.90 Price
+0.900% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 50.00

DOGE/USD

0.39 Price
+0.260% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0019649

XRP/USD

2.34 Price
-0.270% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

XLM/USD

0.42 Price
-3.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00208

Bitcoin’s gains come to an end

Until Wednesday, BTC had enjoyed two straight days of gains after briefly falling to the $17,000 range – its lowest point since 2020 – on the weekend.

Potential danger zone

Investors and analysts regard the $20,000-$21,000 area as a potential danger zone that could prompt the world’s most valuable crypto asset to nosedive.

Pundits have predicted that a prolonged bitcoin stay below $21,000 could lead to a much deeper plunge as rapidly rising inflation and a US interest-rate increase hamper the crypto sector and conventional investment markets.

Ether (ETH), the world’s second most valuable digital coin, which is backed by the Ethereum blockchain network, took a harder hit than bitcoin on Wednesday, dropping roughly 8%.

Like SHIB and DOGE, several other altcoins experienced large weekly increases.

Markets in this article

BTC/USD
Bitcoin / USD
97747.90 USD
869.5 +0.900%
SHIB/USD
Shiba Inu / USD
0.00002706 USD
0.00000045 +1.690%
AAVE/USD
AAVE / USD
275.170 USD
2.695 +0.990%
APE/USD
APE/USD
1.4461 USD
0.0147 +1.030%
AXS/USD
AXS/USD
7.37 USD
0.01 +0.140%

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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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