CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Crypto news: ETH surpasses $560bn market cap in record rally

By Daniela Ešnerová


Updated

Ether coin logo
Ether hits a new record high – Photo: Shutterstock

As most of Europe was just waking up this morning, the cryptocurrency market was already in full swing and having a spectacular start to the new week. 

The second largest cryptocurrency, ether, marked yet another new record high of $4,762.30 (£3,531.79) and its total market value broke $560bn, data from CoinMarketCap.com shows. Ether’s value increased tenfold in a year (see chart), as the coin was trading at $435.59 on this day a year ago.

After moving sideways for weeks, bitcoin broke through its resistance level of $64,000, and it was trading between $65,000 and $66,000 early Monday morning (London time). Bitcoin’s 24-hour high was $66,237.74, according to CoinMarketCap.com, just 1.04% shy of its all-time high of $66,930.39, reached last month. 

The global cryptocurrency market capitalisation leaped 4.05% ahead to $2.87trn.

What is your sentiment on ETC/USD?

24.595
Bullish
or
Bearish
Vote to see Traders sentiment!

XRP/USD

0.60 Price
+3.180% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

174.73 Price
+2.540% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,534.28 Price
+0.660% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+7.030% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

Chart of the day: Ether’s value jumped tenfold in a year

Ether's value jumped tenfold in a year.Ether yearly gains – Credit: TradingView

Other cryptocurrency news 

  • Tesla tokens on the cryptocurrency exchange FTX took a hit after electric vehicle maker CEO Elon Musk announced his intention to sell 10% stake in the company 
  • Eric Adams, the incoming mayor of the New York City, told CNN that he wants cryptocurrency to be a part of schools’ curriculum. Asked how he would describe bitcoin, Adams said it is a “new way of paying for goods and services throughout the entire globe,” before adding: “And that’s what we must do – open our schools to teach the technology and teach this new way of thinking.”

Quote of the day

Former hedge fund manager and cryptocurrency enthusiast Mike Novogratz, in response to a claim by the governor of Bank of Canada that bitcoin is not a digital currency and people don’t spend it:

Biggest coins by market capitalisation

As of 08:00 GMT…

  • bitcoin was up 6.73% over the last 24 hours to $65,977.7
  • ether added 3.99% in the same period and was trading at $4,726.8
  • binance coin slipped 2.20% to $643.1 over the last 24 hours, but it was still 21.93% up week-on-week – making it the biggest weekly gainer among the 10 largest digital coins.

Winners and losers

  • The third and fourth virtual currencies by market capitalisation, binance coin and solana, were down 2.2% and 2.82% respectively over the last 24 hours 
  • Shiba Inu continued its downward trend, losing 5.07% over 24 hours. 

Read more: Fake news release takes Bitcoin Cash for 12-minute joyride

Rate this article

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 Capital.com 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.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading