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Price Check: Bitcoin Approaches $12k, CRO Plummets
Bitcoin has maintained its value over $11k, in fact approaching the $12k threshold as it now sits a little above $11.7k. The modest week-to-week gain did not have a blanket effect on the market, meaning we have assets that moved both directions over the past week, but overall it is mostly red week for the crypto market. Amidst changes to staking rewards, Crypto.com Coin (CRO) has taken a major hit over the past week, while most other altcoins saw losses as well.
Evan Jones | Nov 11, 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
In a reversal of last week we have a mostly red week following a mostly green week, which was noted as a pattern last week, and then occurred. Bitcoin tends to raise almost all assets when it has a positive week, but this is not the case this week, in fact there were only about 10 assets in the top 50 that saw gains. Here are the biggest gainers from the past week:
- Bitcoin Cash (BCH), ranked 5th, gained 4% and is trading around $251.35 a piece.
- Cardano (ADA), ranked 9th, saw a modest 3% gain and is trading at just under 11 cents a piece.
- Stellar (XLM), ranked 17th, saw a 10% gain over the past week and is trading around 8.5 cents a piece.
- UNUS SED LEO (LEO), ranked 21st, saw a 2.5% gain after losing just under 2% last week and is trading around $1.22 a piece.
- VeChain (VET), ranked 28th, saw a very modest 1% gain and is trading at a little over 1 cent a piece.
- Filecoin (FIL), ranked 35th, saw a huge 19% gain and is trading around $32.76 a piece.
- ABBC Coin (ABBC), ranked 41st, saw a massive 75% gain over the past week and is trading at just over 64 cents a piece with the biggest gain of the week.
- Waves (WAVES), ranked 51st, saw a very nice 22% gain and is trading at just under $3 a piece.
Biggest Dollar Decreases
The slight gains by Bitcoin have resulted in a surprisingly red week for the crypto market. With almost 40 of the top 50 assets in the red this week there will be quite a few inclusions in this section this week. Here are the biggest dollar value decreases over the past week:
- Polkadot (DOT), ranked 8th, lost 7% over the past week and is trading around $4.07 a piece.
- Bitcoin SV (BSV), ranked 11th, lost just over 6% and is trading around $160 a piece.
- Crypto.com Coin (CRO), ranked 14th, the native token of Crypto.com Exchange is the biggest loser of the week as it has plummeted over 28% and is trading at just over 11 cents a piece. The drop comes upon the news that they are reducing the staking rewards for CRO.
- Zcash (ZEC), ranked 30th, lost 10% this week after gaining 15% last week and is trading around $66.99
- THETA, ranked 32nd, lost 13% after losing 2% last week and is trading at just over 64 cents a piece.
- Yearn.finance (YFI), ranked 39th, continued its decline with another 11% lost this week after 14% last week. It is trading around $14,719 a piece.
- Synthetix Network Token (SNX), ranked 40th, lost 8% and is trading around $3.90 a piece.
- Aave (AAVE), ranked 42nd, is our second biggest loser this week with 25% lost after losing 3% last week and is trading around $38.09 a piece.
- Compound (COMP), ranked 43rd, lost 9% and is trading around $105.78 a piece.
- Algorand (ALGO), ranked 46th, lost 11% this week after gaining 12% last week and is trading at just over 31 cents a piece.
Biggest Losers Trading Against Bitcoin
While the assets in the biggest dollar decrease section are the biggest losers of Bitcoin value, there are still a lot of other assets that have lost value trading for Bitcoin. In fact, apart from the most significant gainers in the increases section, almost every asset lost value trading for Bitcoin. Here are some of the biggest loser trading for Bitcoin:
- Ripple (XRP), ranked 4th, has lost just under 5% trading for Bitcoin.
- Litecoin (LTC), ranked 10th, lost just under 7%.
- Tezos (XTZ), ranked 18th, lost just over 6%.
- Cosmos (ATOM), ranked 22nd, lost just under 10%.
- Neo (NEO), ranked 20th, lost just over 5%.
- Nem (XEM), ranked 23rd, lost just under 9%.
- Huobi Token (HT), ranked 25th, lost just over 8%
- Ethereum Classic (ETC), ranked 33rd, lost just over 6%.
Bitcoin Keeps Upward Momentum
After Bitcoin bounced back with a 7.5% increase last week, it has maintained its positive gains with another 1.6% gained this week that has pushed it over $11.7k. The next step for the king of crypto will be the $12k threshold, which seems attainable considering the current movement of Bitcoin compared to the traditional stock markets.
Bitcoin absolutely eclipsing its price at this time last year, well above what it was trading for. On October 19, 2019, Bitcoin was trading at just under $8k, so it is just about $3,700 above where it was last year. This is a great sign for long term holders.
Bitcoin Beats Traditional Markets
With its nearly 1.6% gain this week, Bitcoin has outperformed the traditional markets, which had down weeks amidst economic uncertainty in the US, a combination of the stimulus deal and the looming election. The Dow Jones Industrial Average and the S&P 500 Index have lost about 1.1% and 1.8%, respectively. Bitcoin essentially gained the amount the two traditional markets lost.
With it being acknowledged that Bitcoin movements are decoupled from all other asset classes, it will be interesting to see what the coming months bring.
