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Price Check: A Week in the Green for Cryptocurrency

The crypto market had a week that will likely provide optimism for many investors as Bitcoin, Ethereum, and all their altcoin friends showed positive dollar gains over the past seven days.

Bull market price graph

Positive price graph

In this weekly segment we will be looking at the top gainers and losers of the week. This will be done in terms of dollar value with a focus on percentage gains of coins within the top 50 by market capitalization. There may be some exceptions to this but for the most part we will be focused on the biggest portion of the crypto market. In addition there will be a section on cryptos that have lost value when trading them for Bitcoin.

Each week we will also take a look at Bitcoin’s performance, and how it has performed both compared to last year at this time, and its comparative performance to the Dow Jones and S&P 500.

Let’s look at the biggest winners and losers of the past week.

Binance Coin Gets Big Bump

Of the top 10 cryptocurrencies by market cap, the biggest gainer this week in terms of dollar value was Binance Coin (BNB), the native token of Binance Exchange. Binance Coin, saw an increase of 18% this week, bringing its value up to just over $14.

Of the top 25 cryptocurrencies by market cap, the biggest gainer by dollar value was Monero (XMR), which saw an dollar value increase of over 20% that brought its value to over $55 per.

Expanding out to the top 50 cryptocurrencies by market cap, the biggest gainer by dollar value for the week was ICON (ICX), which saw a dollar value increase of nearly 25%, bringing its value up to about 25 cents a piece. This is the largest gain over the past week of any cryptocurrency in the entire top 50.

There actually is not a single cryptocurrency in the top 50 that has experienced a loss in dollar value over the past week, as they are all tied to Bitcoin, which has increased in dollar value, and is currently sitting at just over $7,000.

However, in terms of value when traded for Bitcoin, there are some notable losers.

Stablecoins Feel Bitcoin Heat

The biggest loser from the top 10 cryptos is Tether (USDT), which has lost over 10% value when traded for Bitcoin due to Bitcoin’s value increasing. Stablecoins perform worse when Bitcoin performs well, as we will see in a moment.

Ripple (XRP), also saw a notable 3% drop value when traded for Bitcoin, the second most in the top 10.

The biggest loser from the top 25 cryptos in terms of value when trading for Bitcoin is another stablecoin in the form of USDCoin (USDC), which saw a value loss of over 11% this week.

Three other stablecoins in the top 50 also lost over 10% in value when trading them for Bitcoin: Paxos Standard (PAX), Binance USD (BUSD), and TrueUSD (TUSD).

Though falling just outside the top 50, another stablecoin, Multi-collateral DAI (DAI), also lost over 10%. It is worth noting that though losing value compared to Bitcoin, all these stablecoins are still worth $1 USD.

It’s worth noting that stablecoin dollar value does not change. The only way their decrease in Bitcoin value would affect your investments is if you hedged your Bitcoin investment by putting it into stablecoins. This is done in the hope or with the expectation that Bitcoin will decrease in value and then you can later trade your stablecoins back for more Bitcoin than you began with. This is generally done by traders, not hodlers.

King Remains King

Bitcoin as aforementioned, saw an increase in value over the past week, over 12%, bringing it up to over $7,000 USD for one Bitcoin. As usual it dominated in terms of both value and volume, Bitcoin trades made up two thirds of the market over the week, which is a long-term trend.

Compared to this time last year Bitcoin is nearly $2,000 higher in value, and it did not break $5,400 until April 10 of last year.

Traditional Markets Get Similar Bump

Both the Dow Jones Industrial Average and S&P 500 have seen almost identical gains to Bitcoin over the past week, though it remains to be seen how any of the three market holds up as more and more economic struggles related to COVID impact major centers in the USA and rest of the world.

Bitcoin users hope that it’s deflationary nature will lead to it becoming less correlated to the traditional stock markets which have seen a major influx through stimulus money.