Santa rally in the cryptocurrency market is in full swing, as bitcoin (BTC) was trading above $51,000 in London early trading, finally breaking through $50,000 after resisting the mark for two weeks.
The whole market with digital tokens advanced by a handsome 5.56% in the last 24 hours.
Altcoin Polygon (MATIC) reached its record high of $2.73, on the back of recent integrations news.
On Wednesday, Uniswap, a decentralised cryptocurrency exchange, announced its v3 contracts have been deployed on Ethereum scaling solution Polygon.
Earlier this week, web browser Opera said it would integrate with Polygon: “The integration is set to occur in Q1 2022 and will enable millions of Opera users in-browser access to over 3,000 decentralised apps (dapps) on the Polygon network. The Opera crypto wallet, which is built into the browser, will also allow them to transact with MATIC,” the web browser provider said in a statement.
Quote of the day:
El Salvador’s president Nayib Bukele, speaking on his country’s adoption of bitcoin as legal tender, said
“What has been called by international organisations as “the bitcoin experiment”, is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for FIAT. El Salvador is the spark that ignites the real revolution.”
Round-up of coins by market capitalisation
As of 08.45 GMT:
- Bitcoin (BTC) added a handsome 5.96% over the last 24 hours and is trading at $51,181.54
- Ether (ETH) gained 4.40% to $4,105.14
- Binance coin (BNB) climbed 4.04% to $548.27
Winners and losers
- Terra (LUNA) added an impressive 54.45% in the last seven days of trading
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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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