- >Price Check: Altcoins Make Big Gains as Bitcoin Breaks $7.6k
Price Check: Altcoins Make Big Gains as Bitcoin Breaks $7.6k
Bitcoin reclaimed its place above $7,600, but it was a trio of altcoins that made big gains over the past week. This follows a trend over the past few weeks where altcoins have seen big percentage gains as Bitcoin’s price has somewhat stabilized.
Evan Jones | Oct 13, 2020
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 Index.
Let us look at the biggest winners and losers of the past week.
Biggest Dollar Increases
Of the top 10 cryptocurrencies by market cap, the biggest gainer this week in terms of dollar value was Tezos (XTZ), currently ranked 10th. Tezos gained over 17% in value and reaching around $2.60 a piece. This gain follows another 17% gain last week, meaning Tezos has gained over 30% in value in the past two weeks alone.
Ethereum (ETH), followed up its positive gains from last week with another 9% gained this week, and now sits at just over $194 a piece.
Two other crypto assets just outside 10 also had very nice weeks. Stellar (XLM), currently ranked 11th, saw a value increase of over 21% and is now worth a little over 6 cents a piece.
Cardano (ADA), currently ranked 12th, outdid Stellar by making its own significant gain of over 25% and is now worth almost 4.5 cents after sitting in the 3-cent range for a few weeks.
Further down in the top 25 cryptocurrencies by market cap, the biggest gainer was Cosmos (ATOM), currently ranked 24th. Cosmos saw a nearly 14% gain and is now worth over $2.65 a piece.
Expanding out to the top 50 cryptocurrencies by market cap, the biggest gainer by dollar value for the week was Hive (HIVE), currently ranked 37th, which saw an absolutely insane dollar value increase of over 460%, bringing its value up to about 6.7 cents a piece.
Digibyte (DGB), currently ranked 39th, would normally have taken the top spot for the weeks if not for Hive, as it saw an increase of over 50% that has brought its value up to over 1-cent a piece.
Kyber Network (KNC), ranked 49th, also had a very nice gain of over 45%, and is now worth almost 7-cents a piece.
Biggest Dollar Decreases
There were actually no dollar decreases in the top 10 cryptocurrencies by market cap this week, and actually only four in the top 50 lost dollar value at all. This is something that happens when Bitcoin has gone up in value.
The biggest loser in the top 50 cryptos was Zcash (ZEC), ranked 26th, which was the biggest gainer last week. It lost just over 5% in dollar value and is currently worth just over $43 a piece.
Chainlink (LINK), ranked 12th, another crypto that was one of the big winner last week, saw a modest 2% drop this week. It is currently worth around $3.55 a piece.
Biggest Losers Trading Against Bitcoin
The biggest loser from the top 10 cryptos is Tether (USDT), which has lost around 8.5% in value when trading for Bitcoin. As mentioned in previous weeks of this article, stablecoins lose value trading for Bitcoin when it goes up in value, however the dollar value of the stablecoins is still $1.
The biggest losers from the top 25 cryptos in terms of value when trading for Bitcoin is unsurprisingly Chainlink, as it saw the biggest dollar value decrease. When trading for Bitcoin LINK has lost 10% in value.
Of the top 50 cryptos by market cap, the biggest loser when trading for Bitcoin is unsurprisingly Zcash, which was the biggest dollar value loser of the top 50 range. When trading for Bitcoin it has lost nearly 14% in value.
Bitcoin Moves Back Above 7.6K
Bitcoin as aforementioned, saw a gain in value that brought it back up to value of over $7,600 a piece. Currently it is worth just over $7.7k. This is a nearly 10% value increase in just seven days.
With the halving approaching it remains to be seen what is in store for Bitcoin’s price, but it seems to have stabilized above $7k for the time being. Whether there is a test of lower levels before the halving or a big jump up is anyone’s guess. Whatever the case, there is a lot of buzz about the halving as it approaches.
Compared to this time last year though, Bitcoin is almost $2,000 higher in value, as it was worth around $5,500.
Traditional Markets Experience Similar Movement
Bitcoin is still experiencing similar movements to the Dow Jones and S&P 500 Index, which are both up in value from this time last week, especially with announcements of some US states slowly opening their economies back up.
However, over the past seven days Bitcoin has actually outgained these traditional markets nearly tenfold, with a 9%+ gain as the halving approaches. Bitcoin enthusiasts are likely very excited about what this could mean for the future of Bitcoin.