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Crypto market wrap: Bitcoin not dead yet, altcoin prices surge

By Monte Stewart


Updated

Photo of coins
Bitcoin proved that it is not dead yet on Monday, and altcoin prices surged withe world's largest crypto asset. - Photo: Shutterstock

Bitcoin showed that it is not dead yet on Monday as altcoin prices surged with it.

The world’s largest cryptocurrency surpassed $22,000 at one point before receding – and then exceeded the mark again later in the day. The strong performance contradicted bitcoin skeptic Peter Schiff’s recent claim that the top digital coin “is dead.”

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BTC to USD

Long way down

Schiff is the CEO and chief global strategist at Euro Pacific Capital and an outspoken economic commentator and bitcoin skeptic. He made the claim in a panel discussion hosted by Capital.com.

Bitcoin is a long way down from its November 2021 selling price of $70,000 (XX).

 

Out of fools?

“BTC really is just a modern example of the Greater Fool theory,” he said.  “But I think the problem is we've run out of fools and that's why the price of bitcoin has dropped by about 70%.”

Investors and analysts have been monitoring bitcoin more closely than usual as it hovers between $20,000 and $22,000. Those two levels are viewed as key benchmarks that, if sustained for a prolonged period, could send bitcoin and – and the entire crypto market – up or down considerably.

ETH/USD

3,512.09 Price
+0.070% 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

0.60 Price
+3.190% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

66,743.50 Price
-0.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

171.52 Price
+0.660% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH to USD

Contrarian approach

According to Capital.com analyst David Jones, investors took a contrarian approach to crypto and other investment markets on Monday, taking advantage of a widespread economic downturn.

Bitcoin was up about 9% in late afternoon trading in North American West Coast markets

In other words, investors were buying the dip – at least for the time being.

MATIC to USD

Ethereum also spikes

Ethereum (ETH) also spiked and was up about 17%. Its price surpassed $1,500 after hovering around $1,100 for much of last week.

Polygon (MATIC) was up 27%, while Stepn (GMT), Convex (CVX), CURVE (CRV) also gained more than 20%. All top 100 altcoins were well in the green – except stablecoins, which were down slightly in tandem with the US dollar.

Markets in this article

ETH/USD
Ethereum / USD
3512.09 USD
2.4 +0.070%
CVX/USD
CVX/USD
2.6834 USD
0.0226 +0.880%
GMT/USD
GMT/USD
0.16558 USD
0.00028 +0.180%
MATIC/USD
MATIC/USD
0.55997 USD
0.00822 +1.550%

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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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