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US English

Crypto market wrap: Low-profile altcoin prices steal the show

By Monte Stewart


Updated

A light show in Las Vegas
Nexo was among the gainers as low-profile altcoin prices stole the show on Wednesday. - Photo: Shutterstock

Low-profile altcoin prices stole the show Wednesday, but it was still a good day for the beleaguered cryptocurrency market as a whole.

The vast majority of top 100 digital assets were back in the green a day after the sector continued its tendency to look like a bad reality TV program.

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NEXO to USD

Unheralded coin climbs

NEXO, the unheralded coin backed by the Nexo crypto exchange and its operator of the same name, jumped a day after the company announced that it plans to acquire troubled crypto trading and lending firm Vauld.

London-based Nexo signed an indicative term sheet with Vauld that grants Nexo an exclusive 60-day exploratory period to acquire up to 100% of the company. The coin was up about 5% in late afternoon trading in North America.

Vauld froze its customers’ deposits, withdrawals and trades on Monday.

STORJ to USD

Lesser light may get more love

NEXO, clearly a lesser light when it comes to public discussion, may get more love from investors if, as expected, the parent network continues to show appetite for acquisitions in the current difficult market climate.

But nexo was not the biggest gainer among altcoins on Tuesday. That distinction belonged to STORJ, which was up about 12%. Meanwhile, the sandbox (SAND), thor chain (RUNE), the maker (MKR) and avalance (AVAX) saw gains ranging from approximately 6% to 9%.

US100

19,802.00 Price
+1.430% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 1.8

BTC/USD

67,552.35 Price
-0.550% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.61 Price
+1.000% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Gold

2,395.82 Price
-0.220% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 21:00 (UTC)
Spread 0.30

SAND to USD

1m
5m
15m
30m
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4H
1D
1W

CEL sinks

However, the embattled Celsius Network’s coin (CEL) took a hard hit, dropping more than 8%. CEL investors known as Celsians, had achieved increases recently.

Celsians have sought to keep the price up and prevent large investors, known as whales from scooping up CEL on the cheap.

 

 

BTC and ETH gain

The effort, known as a short squeeze was also designed to prevent retail investors from losing collateral that they had used for loans to buy CEL.

Market leaders bitcoin (BTC) and ether (ETH), the coin backed by the Ethereum blockchain network, also had a good day Tuesday as they stayed above $20,000 and $1,100, respectively. Ether was up more than 5% at the time of writing.

Markets in this article

AVAX/USD
Avalanche / USD
32.2121 USD
-0.5745 -1.780%
MKR/USD
MKR/USD
2734.83 USD
-125.62 -4.470%
SAND/USD
SAND/USD
0.34147 USD
-0.01853 -5.330%
STORJ/USD
STORJ/USD
0.41844 USD
-0.02851 -6.680%
RUNE/USD
RUNE/USD
4.7356 USD
-0.254 -5.220%

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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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