- >Price Check: Bitcoin Can’t Seem to Stick at $60k+, Altcoins Make Gains
Price Check: Bitcoin Can’t Seem to Stick at $60k+, Altcoins Make Gains
Bitcoin teased the $60k mark a few times over the past week but has been unable to crack the threshold for any significant amount of time, currently trading around $57k. The trapped state of Bitcoin has allowed some altcoins to make some serious gains over the past week, many of which have continued their momentum from the week before.
Evan Jones | Mar 22, 2021
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
The essential stand still for Bitcoin has allowed some altcoins to gain traction while the king figures out whether he wants to rise or fall. Many of these assets were here last week, and those that took positions two weeks ago in them are definitely in a good mood. Here are the biggest gainers from the past week:
- Cardano (ADA), ranked 5th, has gained over 13% after losing 7% last week and has recovered from its lows. It is currently trading around $1.18 a piece.
- Ripple (XRP), ranked 7th, has also recovered after losing 7% last week with a gain of over 30% that has it trading around 57 cents a piece.
- Uniswap (UNI), ranked 8th, has gained just over 12% after losing 8% last week and is trading around $34.41 a piece.
- THETA, ranked 11th, has gained another 52% after gaining 46% after last week and is trading around $10.60 a piece.
- Terra (LUNA), ranked 15th, has gained over 36% after gaining 73% last week and is trading around $21.44 a piece.
- VeChain (VET), ranked 18th, has gained about 25% after gaining over 25% last week and is trading at over 9.8 cents a piece.
- Crypto.com Coin (CRO), ranked 19th, the native token of the Crypto.com Exchange has gained over 30% and is trading around 23 cents a piece.
- Filecoin (FIL), ranked 20th, has gained over 46% after gaining 32% last week and is trading around $79.55 a piece.
- Tron (TRX), ranked 21st, has gained over 27% and is trading at over 6 cents a piece.
- Kusama (KSM), ranked 31st, has gained over 42% after it gained nearly 35% last week and is trading around $438.22 a piece.
- BitTorrent (BTT), ranked 33rd, is our biggest gainer of the week with over 110% gained and is trading around 3 tenths of a cent a piece.
Biggest Dollar Decreases
Most of the biggest losses this week were by assets that were in the biggest increases section last week, as seems to be the trend with the volatility of the crypto market. Here are the biggest losers from the past week:
- FTX Token (FTT), ranked 30th, has lost just under 5% after gaining over 33% last week and is trading around $39.35 a piece.
- Algorand (ALGO), ranked 36th, has lost over 7% and is trading around $1.20 a piece.
- Chilliz (CHZ), ranked 38th, has lost over 13% after being the biggest gainer last week and is trading around 54 cents a piece.
- Hedera Hashgraph (HBAR), ranked 40th, has lost over 16% after gaining 137% last week and is trading around 34 cents a piece.
- Huobi Token (HT), ranked 41st, the native token of Huobi Exchange has lost over 7% and is trading around $13.61 a piece.
- SushiSwap (SUSHI), ranked 43rd, has lost about 7% and is trading around $13.62 a piece.
- The Graph (GRT), ranked 48th, has lost about 5% and is trading around $1.68 a piece.
- Enjin Coin (ENJ), ranked 52nd, has lost about 20% after gaining 72% last week and is trading around $2.28 a piece.
- NEAR Protocol (NEAR), ranked 53rd, has lost over 7% after gaining 50% last week and is trading around $5.83 a piece.
- Polygon (MATIC), ranked 55th, has lost around 9% after gaining 97% last week and is trading around 37 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 other assets that have lost value trading for. Here are the biggest losers trading for Bitcoin:
- Litecoin (LTC), ranked 9th, has lost 3.5% trading for Bitcoin.
- Aave (AAVE), ranked 22nd, has lost just over 1% trading for Bitcoin.
- Dash (DASH), ranked 45th, has lost half a percent.
- Decred (DCR), ranked 48th, has lost nearly 3%.
- Compound (COMP), ranked 51st has lost over 3%.
Will Bitcoin Bulls or Bears Win?
Bitcoin seems to be unable to crack the $60k threshold for the time being, continually testing the level before quickly being rejected and now seemingly rangebound between $55k and $60k. It remains to be seen whether the bears or bulls will win this battle, the bears looking to push it to $50k or lower while the bulls want to see what happens past $60k. The next week of the market will be interesting to watch.
Currently trading around $57k, Bitcoin is beyond overshadowing its price from this time last year. On March 22, 2020, Bitcoin was trading at just over $5.8k, so it is almost 10x higher than it was last year at this time.
Bitcoin Continues Outperforming Traditional Markets
With just over 1% gained by Bitcoin this week, it is continuing the trend of outperforming the traditional markets. The Dow Jones Industrial Average and S&P 500 Index both lost around 0.75% last week.
Even in a week where Bitcoin did not make any significant positive gains, it is still beating out traditional market gains, and if this trend continues more and more institutional players may enter the game.