The second-largest cryptocurrency by market volume – Ethereum (ETH) – hit a record high in early morning trading in London, while the battle between dog-themed meme-coins Dogecoin (DOGE) and Shiba Inu (SHIB) for the top-dog spot in the crypto market barked on.
In a strong finish to the working week, cryptocurrencies in total advanced 2.2% over the past 24 hours and have now achieved a combined value of $2.60bn (€2.31bn, £1.89bn).
SHIB – a token launched in August 2020 as DOGE’s spin-off – overtook its rival on Thursday, when it surpassed DOGE’s market capitalisation and jumped ahead of the original dog coin by two spots.
On Friday morning, at the time of writing, both DOGE and SHIB had market capitalisation of around $38bn. However, DOGE was down 3.4 % over the past 24 hours, while SHIB was up by 9.8% in the same period.
Bitcoin (BTC) was trading above $60,000, while market watchers were looking out for possible volatility ahead of today’s options expiry.
Chart of the day: Ethereum rises to a new all-time high
Quote of the day:
Quick round-up of the biggest coins by market capitalisation
- Bitcoin gained 1.54% to reach $60,733.7
- Ethereum added 5.18%, reaching $4,314.0
- BinanceCoin was up by 4.29% to $495.2
- Tether was flat, creeping up by 0.04% to reach $1.0
- Cardano was trading at $2 – a 1.62% decrease over the past 24 hours.
Key gainers and losers:
- Dogecoin was the only token among the top 10 cryptocurrencies that was in the red after it lost 3.4% over the past 24 hours.
- Shiba Inu and Ethereum had the biggest gains among the top 10 over the past 24 hours, adding 7.9% and 5.2 %, respectively.
Other crypto news
- US market regulator the Securities and Exchange Commission (SEC) will not approve the listing of leveraged bitcoin exchange-traded funds (ETFs), Wall Street Journal reported.
The difference between stocks and contracts for difference (CFDs)
The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.
With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional stock trading, you enter a contract to exchange the legal ownership of the individual shares for money, and you then own this equity.
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 stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.
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 are more normally bought and held for longer. You might also pay a stockbroker’s commission or fees when buying and selling stocks.