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Crypto news: DOGE and SHIB rally

By Daniela Ešnerová


Updated

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In this article:
AXS/USD
AXS/USD
11.30 USD
0.28 +2.600%
BNB/USD
Binance Coin / USD
320.46 USD
8.12 +2.660%
BNB/USD
Binance Coin / USD
320.46 USD
8.12 +2.660%
BTC/USD
Bitcoin / USD
23199.10 USD
416.85 +1.830%
DOGE/USD
DogeCoin / USD
0.0978103 USD
0.0107416 +12.380%

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Coins representing dogecoin (DOGE) and shiba inu (SHIB)
DOGE jumped 12.81% and SHIB gained 11.79% over the last 24 hours – Photo: Shutterstock

Dogecoin (DOGE) and shiba inu (SHIB) rallied higher than the rest of the cryptocurrency market on Thursday.

On Wednesday, bitcoin – which is seen as a hedge against inflation – reacted positively to the US Consumer Price Index report, which showed that inflation rose to 7% in December, the highest in some 50 years.

The majority of altcoins followed suit, with the overall market gaining 2.98% over the last 24 hours.

But the two canine-themed cryptos saw the biggest daily gains among the top 50 cryptocurrencies, with DOGE adding 12.81% and SHIB going up by 11.79%. 

What is your sentiment on DOGE/USD?

0.0978103
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LUNC/USD

0.00 Price
+5.140% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000717

XRP/USD

0.41 Price
+4.480% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00400

DOGE/USD

0.10 Price
+12.380% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0014815

BTC/USD

23,199.10 Price
+1.830% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 66.00

Other crypto news 

  • A group of US banks created a partnership to develop a bank-minted stablecoin. The consortium said its stablecoin is being minted to remove friction from the financial system and open up new financial opportunities using blockchain and distributed ledger technology.

  • Hedge fund Citadel Securities took $1.15bn (£845m) in funding from private equity firms Sequoia and Paradigm to boost operations into cryptocurrencies. “In Sequoia and Paradigm, we have partners that appreciate how the strength of our market expertise, advanced predictive analytics and superlative software engineering can redefine an industry,” said Citadel chair Ken Griffin.

Quote of the day 

Alkesh Shah, Bank of America global crypto and digital asset strategist, wrote in a research note: 

“Solana could become the Visa of the digital asset ecosystem.”

Top coins by market capitalisation

As of 11:05 UTC:

Winners and losers

Read more: Why did the cryptocurrency market lose Read more: Why did the cryptocurrency market lose $1trn in two months?trn in two months?

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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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