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Crypto market wrap: Altcoin prices jump on weekly basis

By Monte Stewart


Updated

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In this article:
ETC/USD
ETC/USD
18.936 USD
-0.757 -3.900%
ETH/USD
Ethereum / USD
1235.09 USD
-24.76 -1.970%
CRV/USD
CRV/USD
0.6644 USD
-0.011 -1.640%
GNO/USD
GNO/USD
90.60 USD
-2.8 -3.090%
IOTX/USD
IOTX/USD
0.02410 USD
-0.00074 -3.080%

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Photo of coin
The Ethereum blockchain's coins and several other altcoin prices jumped on a weekly basis. - Photo: Shutterstock

What a difference a week made for Ethereum’s coins and other leading altcoin prices.

Ethereum Classic (ETC) was up 73% on a weekly basis around the time that conventional markets closed Friday in North America. (All figures based on CoinMarketCap data.) Up 3% on the day, ETC was among several altcoins that performed modestly on Friday but soared above their week-earlier prices.

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ETC to USD

Hype pays off

ETC is backed by Ethereum’s original network. The Ethereum blockchain effectively split in two in 2016 after a hard fork.

ETC appeared to capitalize on hype surrounding Ethereum’s next hard fork, known as the Merge, which is viewed by many observers as a potential game-changer for the crypto sector. However, the Merge has an uncertain launch date.

Ether (ETH), the coin created from the 2016 hard fork, also spiked on a weekly basis, soaring 36% – but was flat on the day.

 ETH to USD

Decent daily gains

ThorChain (RUNE) and curve (CRV) and were exceptions Friday as they both posted decent daily gains and mushroomed on a weekly basis.

RUNE climbed 9% on the day and ballooned 34% from seven days earlier.

Gnosis (GNO) and IOTX were also way up – 33% and 32%, respectively, for the week – despite being down for the day. Nem (XEM) posted a 26% weekly gain in spite of a daily loss.

BTC/USD

16,854.70 Price
-1.090% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

ETH/USD

1,235.09 Price
-1.970% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

DOGE/USD

0.10 Price
-4.550% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0012155

XRP/USD

0.38 Price
-2.230% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00314

 

Bitcoin falls below $23,000

Bitcoin (BTC) fell below $23,000 after hinting early in the morning that it might crack $24,000. But the world’s largest cryptocurrency, which drives the market, was up 13% for the week.

Diana Biggs, chief strategy officer at exchange-traded products firm Valour, told Capital.com that the market is “starting to feel more optimistic” about bitcoin and altcoins after dealing with severe disruption.

“There are still certainly buyers out there who may feel that they're comfortable with this [bitcoin] price, and it fits their planning,” she said.

XEM to USD

More clarity

Investors have gained more clarity as from the financial strife experienced by lenders Celsius Network and Voyager Digital, and hedge fund operator Three Arrows Capital, which have filed for bankruptcy.

But the macroeconomy is “running the show,” she added.

“So [the crypto market] will still be seeing some ups and downs,” she said.

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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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