- >Price Check: Bitcoin Bounces Back, Cardano Soars
Price Check: Bitcoin Bounces Back, Cardano Soars
Bitcoin returned to its pre-halving levels this week and is creeping back toward the ever important $10,000 threshold. But Cardano has stolen the show this week, with an absolutely massive gain. Meanwhile many altcoins are seeing significant increases in value as Bitcoin has risen.
Evan Jones | Oct 13, 2020
Overall we have an extremely green week to go over, with only 2 assets in the top 50 losing dollar value at all.
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
Every asset in the top 10 gained dollar value this week, other than Tether (USDT), as it is a stable coin.
The most notable gain in the top 10 was Ethereum (ETH), ranked 2nd, which had a very nice gain of 16% over the past week and is now trading at around $237 a piece. This is despite an announcement that Ethereum 2.0 has been delayed.
Just outside the top 10, ranked 11th, Cardano (ADA) has had a massive week, gaining just under 50% in value, and now sitting at just under 8 cents a piece. This incredible rise comes in tandem with the news that the Shelley Main Net will be launching at the end of June. With just a little push Cardano could become a top 10 asset, as its market cap sits just shy of Tezos (XTZ), ranked 10th.
Also just outside the top 10 we have the Crypto.com Coin (CRO), ranked 14th, seeing another big week with an increase of 15% following last week’s 11% gain. The native coin of the Crypto.com Exchange, is now worth a little under 9 cents a piece. Crypto.com Syndicate events seem to keep interest in this alt very high.
Here are some other highlights from the gains column this week:
- Neo (NEO), ranked 19th, has also had a very big week, gaining a little over 22% and now sitting at around $12 a piece.
- Expanding out to the top 50 we can find many more altcoins experiencing some significant dollar value gains.
- Maker (MKR), ranked 27th, saw a nearly 33% gain this week and is now worth a little over $458 a piece.
- VeChain (VET), ranked 30th, saw a similar increase with a 31% gain, and is now worth 6 tenths of a cent a piece.
- Enjin Coin (ENJ), ranked 44th, followed last weeks gain of 18% with another nice gain of over 18% this week and is now worth over 21 cents a piece.
Finally we have Zilliqa (ZIL), ranked 46th, which has seen a huge 39% gain this week and is now worth just about 2 cents a piece.
Biggest Dollar Decreases
Bitcoin has had a nice week meaning there are very few losers in the top 50 this week, in fact there are only 2.
THETA, ranked 37th, has seen a 25% decrease after its huge 93% gain last week, but still meaning that over the past two weeks it has gained almost 70% overall. It is now trading at around 26 cents a piece.
Digibyte (DGB), ranked 38th, which has also frequented this segment for both massive increases and sudden decreases, saw an 11% loss this week and is now worth around 1.5 cents a piece.
Biggest Losers Trading Against Bitcoin
Very few assets in the top 50 lost significant value when trading for Bitcoin this week, but all stable coins (Tether, TrueUSD, USD Coin, Paxos Standard) lost about 7% in value because Bitcoin gained value this week.
Ripple (XRP), ranked 3rd, lost just under 3% trading for Bitcoin this week.
OmiseGo (OMG), ranked 36th, and a member of the biggest increase section the past couple weeks, lost around 6% when trading for Bitcoin.
Of course the two biggest losers trading for Bitcoin this week are the same 2 assets that were the only dollar value losers in the top 50, THETA and Digibyte, which lost 30% and 17%, respectively.
Bitcoin Heading in the Right Direction
Bitcoin saw a nearly 9% gain this week after losing about 8% last week and is now worth around $9.5k
Many Bitcoin hodlers are hoping that this direction continues, as last week’s 8% drop came as a surprise to many.
Compared to this time last year, Bitcoin is worth almost $1,000 more than it was, as it was trading for around $8.5k on June 1st, 2019.
Bitcoin Outperforms Traditional Markets Again
Bitcoin, which could not outperform both the Dow and S&P last week, fared much better this week. While the Dow and S&P 500 saw nice 3-4% gains, Bitcoin more than doubled that with a 9% gain.
This is what we all want to see in the world of crypto, if Bitcoin continues to move separately from the traditional markets, and outgain them, then who knows what the future holds for it and all other crypto assets’ values.