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E-gold shines, helium (HNT) price inflates despite crypto meltdown

By Monte Stewart


Updated

Image containing hallway effect
E-gold shined and the helium price inflated Thursday out as major cryptocurrencies struggled – Photo: Getty Images

Lesser-known altcoin prices rose yesterday with elrond, nicknamed e-gold, and helium in the green on Thursday as the cryptocurrency market meltdown continued following a brief reprieve.

Elrond (EGLD) and helium (HNT) were up slightly in afternoon trading in North America after posting double-digit percentage gains earlier.

Other digital assets – particularly bitcoin – were down noticeably one day after the crypto sector bounced back following the US Federal Reserve’s decision to increase its benchmark interest rate by 75 basis points.

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EGLD to USD

Still in the green

Elrond rose 24% overnight following the Fed’s announcement, reaching $57.50 before retreating, according to CoinMarketCap data.

Helium retreated Thursday after spiking Wednesday night, but still spent most of Thursday in the green during conventional North American trading hours.

Theta, another low-profile altcoin, plunged Thursday, and was down 3.24% in the afternoon, after jumping the night before.

Investors showed strong appetite for the token in advance of its parent network’s upcoming release of 3D non-fungible tokens (NFTs) in conjunction with Sony. The Theta blockchain and Sony are slated to release the Tiki Guy limited edition on Friday afternoon but the buzz surrounding the coin appeared to be short-lived.

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

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

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

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

HNT to USD

HBAR also down

Hedera (HBAR) was also down Thursday afternoon after receiving a little love from investors on Wednesday night.

However, bitcoin (BTC) struggled after popping on the Fed interest-rate hike. Bitcoin was down about 9% and fell below $21,000 – an area that investors have dreaded.

 

BTC approaches dreaded area

If the world’s largest cryptocurrency falls below $20,000, there will be panic-buying and selling, bitcoin evangelist Andreas Antonopoulos wrote on the Encrypted Technology WhatsApp channel. He said bitcoin has reached oversold territory.

But he added: “The oversold area is likely to attract buyers, which will push prices higher.”

Meanwhile, Ether (ETH), the coin backed by the Ethereum blockchain network, was down more than 10%, and cardano fell approximately 9%. Two other major coins. Binance (BNB) and Ripple (XRP), declined about 8%.

Markets in this article

BTC/USD
Bitcoin / USD
66743.50 USD
-301.8 -0.450%
HBAR/USD
Hedera Hashgraph to US Dollar
0.07648 USD
-0.0003 -0.400%
BNB/USD
Binance Coin / USD
598.27 USD
-2.28 -0.380%
ETH/USD
Ethereum / USD
3512.09 USD
2.4 +0.070%
XRP/USD
Ripple / USD
0.59693 USD
0.0183 +3.190%

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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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