- >Price Check: Bitcoin Booms as Halving Approaches
Price Check: Bitcoin Booms as Halving Approaches
Bitcoin which had just settled in the mid $7k range, went on an absolute tear this week, with prices reaching as high as $9.4k before stabilizing around $8.7k. With the halving approaching hodlers everywhere are wondering what might happen to Bitcoin’s price if this week’s jump was just the beginning
Evan Jones | Oct 13, 2020
Altcoins did not quite take off in rhythm with Bitcoin, but there were still some big gainers as we will see.
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 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 Ripple (XRP), currently ranked 3rd. Ripple gained just over 10% in value and reaching around 21 cents a piece. This gain follows a few weeks of somewhat sideways movement.
Two other crypto assets just outside 10 also had very nice weeks. Stellar (XLM), currently ranked 11th, saw a value increase of over 16% and is now worth a little over 7 cents a piece. This follows last weeks gain of 21%.
Cardano (ADA), currently ranked 12th, fell short of Stellar this week, after outgaining it last week with its big 25% bump, but still had a nice gain of just under 10% and is worth just under 5 cents a piece.
Tron (TRX), currently ranked 14th, followed its 10% boost from last week with another 12% gained this week, and is not worth about 1.5 cents a piece.
The biggest gainer in the top 25 though, was Ethereum Classic (ETC), which saw a 19% gain over the past week and is now worth around $7.20 a piece. This follows a 10% gain last week.
Digibyte (DGB), currently ranked 36th, which saw an increase of over 50% last week, saw another nearly 50% gain, that has brought its value up to almost 2 cents a piece.
But the biggest gainer in the top 50 was Hyperion (HYN), which saw a massive increase of 265% and is now worth around 61 cents a piece.
Theta (THETA), currently ranked 50th, also had a very big week with a 50% gain and is now worth just under 14 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 5 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 25 cryptos was Dash (DASH), ranked 20th, dropping a modest 3% and is now worth just under $80 a piece.
Monero (XMR), ranked 16th, also saw a small decrease of just under 2% to bring it down to just over $60.
There is no other dollar decrease until we reach ICON (ICX) all the way down at 44th, which saw a small decrease of under 4% and is now worth around 27 cents a piece.
Algorand (ALGO), ranked 45th, dropped just under 5%, and is now worth around 20 cents a piece.
Biggest Losers Trading Against Bitcoin
The biggest loser from the top 10 cryptos is Tether (USDT), which has lost around 12% 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.
There were actually many cryptocurrencies that lost value when trading for Bitcoin this week, as it took a solo trip up the charts. In fact every crypto in the top 25 lost value when trading for Bitcoin except for Stellar and Ethereum Classic, which makes sense as they are the biggest dollar gainers this week.
This pattern repeats for the top 50, with only Digibyte and Hyperion in the green when trading for Bitcoin.
Hive (HIVE), which had a huge gain last week that rocketed it up to 37th, lost nearly 50% when trading for Bitcoin this week, and is now ranked 52nd. It is currently valued at just over 40 cents a piece.
Bitcoin Blows Up Before Stabilizing Around $8.7k
Bitcoin saw a nearly 15% gain this week, reaching as high as $9.4k before dropping down to the upper $8k range and somewhat stabilizing there which is a gain of over $1k in just one week.
The halving is just under a week away and it should be expected that the market will be volatile, this column could be very interesting next week.
Compared to this time last year though, Bitcoin is almost $3,000 higher in value, as it was worth around $5,800.
Traditional Markets Do Not Follow Bitcoin’s Lead
Bitcoin, which for the past couple months has been experiencing similar movements to the Dow Jones and S&P 500 Index, left them in the dust this week, as the two big indexes dropped just under 1% over the past week.
Over the past 7 days Bitcoin has actually out-gained these traditional markets over tenfold, with a 15% gain as the halving approaches. This follows last weeks 9% increase compared to the traditional markets. Bitcoin hodlers everywhere will be hoping this decoupling is a permanent trend.