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US English

BTC leads crypto market rebound as altcoin prices also rise

By Monte Stewart


Updated

Illustration of bitcoin
Bitcoin and other leading cryptocurrencies rose Wednesday after analysts pointed to more doom and gloom – Photo: Getty Images

Bitcoin brought the cryptocurrency market out of the doldrums at least for a day on Wednesday as it’s revival also prompted a resurgence in altcoin prices. 

According to Capital.com data, Bitcoin (BTC) was up 2.5% in afternoon trading in North America’s West Coast markets.

The surpruse robound turned the tables turned on analysts who predicted more doom and gloom after what could be described as a terrible Tuesday and a US Federal Reserve (FED) interest-rate hike announced earlier Wednesday.

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BTC to USD Chart

Others enjoy big gains

Solana (SOL), Cardano (ADA) Dogecoin (DOGE), Tron (TRX), Aave, and Ape enjoyed big gains – double-digit percentage increases, in other words – a day after most digital coins were well in the red.

Two other major cryptocurrencies – (ETH), and Ripple (XRP) also got back in the green. The former up 8% and the latter rose 2.66%.

TRX to US dollar

Celsius Network coin’s troubles continue

But the Celsius Network native token (CEL) was down 10.53% as its freefall continued.

The crypto lender behind the network and coin triggered a crypto sell-off on Monday by freezing its 1.7 million clients’ transfers and withdrawals indefinitely.

ETH/USD

3,163.84 Price
-6.330% 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

170.98 Price
-5.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.12 Price
-5.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

65,093.90 Price
-1.520% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

CEL rode the proverbial roller coaster on Tuesday, experiencing a short-term spike before crashing back.

CEL to US dollar

 

Adage reinforced

But just when it looked like the crypto sector would spend another day – and, potentially, much longer – in the doldrums, bitcoin reinforced a familiar adage: As it rises, the rest of the market does, too.

The crypto sector’s increasing ties to macroeconomic trends were also reinforced as its rebound coincided with a stock market recovery that followed the Fed interest-rate hike.

However, bitcoin and its bandwagon passengers remained well below week-earlier price levels. Hovering in the $22,000 range, bitcoin was down about two-thirds from its November 2021 all-time high of $68,990.

Markets in this article

BTC/USD
Bitcoin / USD
65093.90 USD
-1005.45 -1.520%
AAVE/USD
AAVE / USD
98.703 USD
4.421 +4.810%
APE/USD
APE/USD
0.7820 USD
-0.0542 -6.760%
ADA/USD
Cardano / USD
0.39638 USD
-0.02128 -5.130%
DOGE/USD
DogeCoin / USD
0.1248494 USD
-0.0065634 -5.020%

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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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