CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.41% 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.

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Monero (XMR) up 11% week-on-week despite market slump. What’s next?

By Daniela Ešnerová


Updated

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In this article:
DOGE/USD
DogeCoin / USD
0.0974255 USD
-0.0026702 -2.680%
ETH/USD
Ethereum / USD
1237.61 USD
-19.21 -1.530%
XMR/USD
Monero / USD
147.63 USD
0.95 +0.660%
XMR/USD
Monero / USD
147.63 USD
0.95 +0.660%

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 Monero cryptocurrency logo light beam projecting on a dark sky between skyscrapers
Monero (XMR) hit its three-months high of $244.30 on Sunday – Photo: Shutterstock

Monero (XMR) is the biggest weekly gainer among major cryptocurrencies as 48 of the 50 biggest digital coins were down week-on-week.

XMR hit its three-month high of $244.30 on Sunday and is up 11.2% week-on-week, making it the biggest gainer among the fifty major cryptocurrencies by market capitalisation. The second biggest weekly gainer among the top 50 coins, dogecoin (DOGE) added 1.6% in that period. 

Meanwhile, the rest of the top 50 cryptocurrencies pack barring stablecoins were in red over the last seven weeks of trading. 

Bitcoin (BTC) lost 8.3% in the same period while ether (ETH) is down 9.2%, data from CoinMarketCap.com show.

XRP/USD

0.39 Price
-0.300% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00348

BTC/USD

16,890.70 Price
-0.810% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

ETH/USD

1,237.61 Price
-1.530% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

LUNC/USD

0.00 Price
-3.730% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000683

Coin screening and technical analysis platform altFINS wrote in a note on XMR Monday morning: “Ascending Triangle has broken through the resistance line at April 10, 0:00 UTC. Possible bullish price movement forecast for the next nine days towards 261.3370.” Ascending Triangle is a chart pattern used in technical analysis. 

XMR was trading at $239.4 at 09:30 UTC and despite its latest gains, XMR is still 54% down from its all-time high of $517.6 recorded on 7 May 2022. 

Monero uses privacy-enhancing features for user anonymity, and XMR has performed well in the wake of concerns that the European Union would crackdown on the privacy of cryptocurrency users within its anti-money laundering rules.

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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.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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