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Crypto market wrap: Altcoin prices suffer a flat tire

By Monte Stewart


Updated

Photo of flat tire
Altcoin prices suffered a flat tire on Friday as they stayed the same after surging on Thursday. - Photo: Getty Images

Altcoin prices suffered a flat tire on Friday.

In other words, the values of most of the top 100 cryptocurrencies essentially stayed the same – just one day after they had inflated like a race car wheel.

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CEL to USD

Notable exceptions

Most top-100 coins were up or down less than 1% as conventional markets closed in North America. (All figures based on CoinMarketCap data.) But there were a few notable exceptions, both positively and negatively.

The troubled Celsius Network’s coin (CEL) jumped 11%  – after plunging 18% on Thursday. Celsius filed for Chapter 11 bankruptcy in the US on Wednesday after previously freezing its 1.7 million customers deposits, transfers and trades.

But CEL is still trading on other cryptocurrency exchanges and platforms.

KSM to USD

Kusama rises

Kusama (KSM) rose 9% and convex (CVX) increased 6% after posting a XX% gain on Thursday.

Meanwhile, 1INCH and Monero (XMR) were also up about 6%, and cosmos (ATOM) rose about 5%.

On the other hand, NEXO was down about 6% after recovering from a 10% decline less than an hour earlier. Synthetix (SNX) fell about 6% after posting a double-digit gain on Thursday.

DOGE/USD

0.14 Price
-2.300% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,494.82 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

180.34 Price
-1.770% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.61 Price
+1.360% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

NEXO to USD

‘Muddy bottom’

Despite the generally flat Friday, Bitcoin (BTC) gained some more traction as it rose about 3% and surpassed $21,000 – a benchmark price as observers seek a strong signal of upward or downward activity. The gain followed a 5% boost on Thursday.

According to Trivio Group head of labs Angus Scott and analyst Thomas Hall, bitcoin has reached a “muddy bottom.” Despite a massive sell-off that has occurred since December, investors are now becoming more appreciative of its value and less inclined to sell due to a lack of better alternatives.

 

Rabbit hole could get crowded

“Should bitcoin hold the line as recession drives asset prices through the floor, the store of value narrative comes screaming to centre stage,” Scott and Hall wrote in an article published Friday on LinkedIn. “No longer a product that needs to be understood before it becomes appealing, bitcoin becomes the apparent store of value whether you understand why that’s the case or not.

"Of course, appearances aren’t everything, and this in itself is hardly enough to validate bitcoin’s value proposition, but it is enough to lure more people down the bitcoin rabbit hole.

Ethereum (ETH) climbed 6% after jumping 10% the previous day.

Markets in this article

KSM/USD
KSM/USD
23.55 USD
-0.65 -2.770%
1INCH/USD
1INCH/USD
0.436 USD
-0.002 -0.470%
ATOM/USD
ATOM/USD
6.6313 USD
-0.0835 -1.290%
CVX/USD
CVX/USD
2.5099 USD
-0.0607 -2.450%
SNX/USD
Synthetix / USD
1.923 USD
-0.043 -2.270%

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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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