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BTC leads crypto market rebound as altcoin prices also rise

By Monte Stewart


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 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.


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


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


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


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

Bitcoin / USD
65093.90 USD
-1005.45 -1.520%
98.703 USD
4.421 +4.810%
0.7820 USD
-0.0542 -6.760%
Cardano / USD
0.39638 USD
-0.02128 -5.130%
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.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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