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Price Check: Bitcoin Dips Below $12k Amid Red Week

Bitcoin took a small tumble this week, dropping below $12k though not collapsing by any stretch of the imagination. While Bitcoin’s drop affected most assets with only about a third of the top 50 coins in the green this week, there were some significant gainers, and some of the biggest gainers from the past week have had their fortunes reversed.

Cryptocurrency took a small dip this week.

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

Bitcoin dropping into the red over the past 7 days means that there are many losers this week in the top 50. But there are quite a few standouts this week as well, many of these assets in the Decentralized Finance sector. Here are some of the biggest gainers from the past week:

  • Coin (CRO), ranked 9th, was the only top 10 asset in the green, gaining a little under 3%. The native token of the Exchange is now trading at a little over 17 cents a piece.
  • Cosmos (ATOM), ranked 17th, had a big week with a 28% gain and is now trading around $7.81 a piece.
  • Neo (NEO), ranked 19th, had a decent 14% gain and is now trading at about $18.69 a piece.
  • NEM (XEM), ranked 25th, saw a big gain of 33% and is now trading at just under 10 cents a piece.
  • Aave (LEND), ranked 29th, gained 9% after gaining 34% and 27% the last two weeks and is now trading at just over 60 cents a piece.
  • Basic Attention Token (BAT), ranked 32nd, had a big week with 29% gained. The native token of the Brave Browser is now trading around 40 cents a piece.
  • 0x (ZRX), ranked 35th, had a big 25% gain and is now trading around 72 cents a piece.
  • THETA, ranked 36th, had a huge 46% gain and is now trading around 57 cents a piece.
  • OMG Network (OMG), ranked 25th, was the biggest gained in the top 50 this week and saw a massive 107% gain. It is trading at $6.06 a piece.
  • (YFI), ranked 43rd, had a massive 74% gain and is now trading around $13, 145 a piece.
  • Icon (ICX), ranked 48th, rounds out our biggest gainers with is 22% gain, and is now trading around 63 cents a piece.

Biggest Dollar Decreases

With Bitcoin dipping into the red this week there were quite a few losers this week, some of which were the biggest gainers in the past few weeks. Here are the biggest dollar value losers from the past week:

  • Chainlink (LINK), ranked 5th, saw a 19% loss this week after being one of our biggest gainers last week with 61% and is now trading around $15.41 a piece.
  • Bitcoin SV (BSV), ranked 8th, lost 12% this week and is now trading at about $197.47 a piece.
  • Tron (TRX), ranked 15th, saw a 15% loss this week after gaining 36% last week and is now trading at about 2.5 cents a piece.
  • BitTorrent (BTT), ranked 40th, lost 17% this week and is now trading at about 4 hundredths of a cent each.
  • Wave (WAVES), ranked 47th, lost 20% after being the biggest gainer with an 122% increase last week and is now trading at about $3.63 a piece.

Biggest Losers Trading Against Bitcoin

The same assets in the Biggest Dollar Decreases section are the biggest losers when trading for Bitcoin this week. We still have more notable losers trading for Bitcoin this week as well. Here are some of the biggest losers trading against Bitcoin:

  • Ripple (XRP), ranked 3rd, lost 5% trading for Bitcoin.
  • Bitcoin Cash (BCH), ranked 6th, lost 6%.
  • Cardano (ADA), ranked 11th, lost 9% trading for Bitcoin, this could change as staking rewards will now be given to all delegators every 5 days.
  • Eos (EOS), ranked 12th, lost 9% trading for Bitcoin as well.
  • Tezos (XTZ), ranked 13th, lost 8%.
  • VeChain (VET), ranked 22nd, lost 7%.

Bitcoin Still Rising

Bitcoin took a dip below the $12k threshold this week, losing just under 3% and now trading at about $11,750 a piece. The drop took a lot of assets into the red with it, but assuming it does not continue to drop much more there is little need to worry. If it can go back up above $12k over the next week that would be a great sign for the king of crypto.

Bitcoin continues to trade above what it was trading for at this time last year. On August 24, 2019, Bitcoin was trading at just under $10.2k, so it is just about $1,500 above where it was last year.

Bitcoin Loses This Week

Bitcoin finally lost to the traditional markets in terms of weekly growth. With its 3% loss it is a little behind the Dow Jones Industrial Average which has gained about 1.5% and the S&P 500 Index which has gained a little over 1%. While it has lost this week, the 30-day chart paints a favorable picture for Bitcoin, which has seen a 20%+ gain over the past month whereas the Dow Jones and S&P have seen about 5% each.

Bitcoin’s jump up the charts was due for a retracement at some point, but it remains completely decoupled from the movements of the traditional markets. Its outpacing of growth over the past month is an extremely good sign for the asset that is often called digital gold. If it can continue this pattern there is no telling where it will end up in the long run.

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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.