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  • Home
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  • >Price Check: Bitcoin Cracks $49k, Will We See $50k This Week?

Price Check: Bitcoin Cracks $49k, Will We See $50k This Week?

Bitcoin hit another all-time high on Valentine’s Day 2021, falling just short of $49.5k before settling back into the $48k range where it is now. It is another positive week for the king of crypto, as more and more institutional investors are looking to get Bitcoin on their books, and if they keep on coming, supply may start to dry up.

Meanwhile, altcoins are doing well for themselves this week too, with only a handful of assets in the red with Bitcoin up, though many of these altcoins saw far more significant gains over the week than Bitcoin did.

Is a $50k Bitcoin right around the corner?

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 continued rise of Bitcoin has resulted in a mostly green week on the charts. There are quite a few assets with over 50% gained this week and some have even hit over 100% as well. Here are the biggest gainers from the past week:

  • Binance Coin (BNB), ranked 7th, the native token of Binance Exchange has gained just under 80% after gaining 50% last week and is trading around $132.55 a piece.
  • Bitcoin Cash (BCH), ranked 9th, has gained around 62% and is trading at about $757.70 a piece.
  • Cosmos (ATOM), ranked 19th, has gained over 55% after gaining 66% last week and is trading around $21.96 a piece.
  • Tezos (XTZ), ranked 22nd, has gained just over 45% and is trading around $4.87 a piece.
  • IOTA (MIOTA), ranked 25th, has gained over 100% and is trading around $1.25 a piece. This is our third biggest gainer.
  • VeChain (VET), ranked 26th, has gained just under 80% and is trading around 5 cents a piece.
  • Neo (NEO), ranked 28th, has gained over 70% and is trading around $44.52 a piece.
  • The Graph (GRT), ranked 30th, is our biggest gainer of the week with over 130% gained and is now trading around $2.30 a piece.
  • Dash (DASH), ranked 31st, is our second biggest gainer of the week with over 115% gained and is trading around $265.89 a piece.
  • Filecoin (FIL), ranked 37th, has gained over 85% and is trading around $45.49 a piece.
  • Algorand (ALGO), ranked 38th, has gained over 62% and is trading around $1.49 a piece.
  • Zcash (ZEC), ranked 44th, has gained about 77% and is trading around $169.36 a piece.
  • Ethereum Classic (ETC), ranked 45th, has gained just under 85% after losing last week and is trading around $15.70 a piece.
  • Kusama (KSM), ranked 47th, has gained about 65% and is trading around $201.87 a piece.
  • Zilliqa (ZIL), ranked 50th, has gained just under 70% and is trading around 13 cents a piece.
  • BitTorrent (BTT), ranked 57th, has gained about 70% and is trading around a tenth of a cent.

Biggest Dollar Decreases

Another green week for Bitcoin means a smaller decreases section, in fact only five assets in the top 50 lost dollar value this week, so we will mention all of them. Here are the biggest dollar decreases of the week:

  • Dogecoin (DOGE), ranked 12th, the inevitable decline of the memecoin has begun, DOGE has dropped about 28% this week and is trading at about 5 cents a piece. Expect it to keep dropping. Far and away the biggest loser this week.
  • Aave (AAVE), ranked 16th, has lost just over 2% after gaining over 70% last week and is trading around $488.85 a piece.
  • Maker (MKR), ranked 33rd, has lost just under 1% and is trading around $2,537 a piece.
  • Elrond (EGLD), ranked 34th, has lost about 19% after being our biggest winner last week with over 180% gained. EGLD is now trading around $145.55 a piece.
  • UMA, ranked 49th, has lost just over 3% and is trading around $28.06 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 Bitcoin despite gaining dollar value this week. Though this week it is solely stablecoins. Here are the biggest losers trading for Bitcoin:

  • Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 10-12% trading for Bitcoin but are still worth $1 a piece. They have essentially lost the value that Bitcoin has gained over the past week.

Can Bitcoin Crack $50k?

Bitcoin set an all-time high yesterday and now it seems like the question has become how long it will take to get over the $50k threshold, a significant barrier. Regardless, it has gone up 12% over the past week and is now trading around the $48k range. Institutions are flocking and if more keep joining the party who knows where the price will go to.

Bitcoin reaching another all-time high means it is eclipsing its price at this time last year. On February 8, 2020, Bitcoin was trading at just over $9.8k, so it is over 4x higher than it was last year at this time and is approaching 5x.

Bitcoin Keeps Leaving Traditional Markets Behind

With a little over 1 percent gained this week, the Dow Jones and S&P 500 Index have not done badly but have not even come close to the performance which Bitcoin has seen with its nearly 12% gain in the same time. Just sit back and watch now as crypto becomes more and more accepted by the masses.

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About the Author

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.