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Crypto market wrap: Celsius disrupts altcoin prices’ quiet day

By Monte Stewart


Updated

Image of coin and graph
FLOW showed some lustre on a generally quiet day for altcoin prices Thursday.

The beleaguered Celsius Network coin disrupted an otherwise quiet day for altcoin prices Thursday.

CEL experienced more volatility as it spiked during the final hour before conventional North American markets closed. The cryptocurrency finished up 13% and stayed above $3. (All figures based on CoinMarketCap data.)

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CEL to USD

Second straight double-digit gain

CEL posted a double-digit gain for the second straight day after dropping 23% and 16% on Monday and Tuesday, respectively.

CEL has come to know volatility well, experiencing sharp increases and declines since the Celsius Network collapsed, and fellow crypto lender Voyager Digital and hedge fund operator Three Arrows Capital collapsed.

All three companies filed for bankruptcy protection after being hammered by the collapses of the original luna coin and related terraUSD stablecoin.

But, as was the case on the first three days of this week, CEL was an outlier in relation to the rest of the market.

FLOW to USD

Investors in holding pattern

Most altcoin prices had another quiet day as investors remained largely in a holding pattern.

Until CEL stole the show, gains and losses were modest

Unheralded coins FLOW, gnosis (GNO) and cosmos (ATOM) showed some lustre as they were up between 2% and 3.5%. They led the pack until CEL soared.

BTC/USD

57,987.10 Price
+0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,139.16 Price
+0.650% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.48 Price
+6.890% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BCH/USD

375.55 Price
+7.440% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

GNO to USD

Mostly modest declines

On the whole, the market was down slightly.

Coins in the red vastly outnumbered those in the greens; however, there were few losses of more than 5%, and all declines were in the single digits.

The Huobi exchange’s token (HT), which spiked last week, took the hardest hit as it fell about 8%.

Shiba Inu (SHIB), which is named after the breed of Tesla founder Elon Musk’s dog, ranked among the large losers with a 7% decline.

Dogecoin (DOGE), which has risen and fallen at times in accordance with Musk’s views on it, was down about 4%.

 

Market leaders stay course

Market leaders bitcoin (BTC) and ether (ETH), the main coin of the Ethereum blockchain, stayed the course as they remained in their respective $23,000 and $1,800 price ranges.

Ether continued a recent trend of outperforming bitcoin as both coins were up slightly on the day.

Markets in this article

ATOM/USD
ATOM/USD
6.3717 USD
0.1121 +1.860%
BTC/USD
Bitcoin / USD
57987.10 USD
385.4 +0.670%
DOGE/USD
DogeCoin / USD
0.1088551 USD
0.0009411 +0.880%
ETH/USD
Ethereum / USD
3139.16 USD
20.38 +0.650%
SHIB/USD
Shiba Inu / USD
0.00001726 USD
0.00000023 +1.410%

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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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