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Price Check: Bitcoin, Ethereum Hit Hard in Red Week for Crypto

Bitcoin dropped below $10k for the first time in a while but nearly the entire crypto market has taken a tumble and the traditional markets have not fared much better. It has been a brutal week for both crypto and traditional investors this week. Every asset other than stable coins and one other coin in the top 50 lost value this week.

Crypto crashed during the first week of September, 2020

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

A drop for Bitcoin means there were almost no dollar increases in the entire top 50 by market cap this week, so we will expand to the top 100 for this week. Here are the biggest gainers from the past week:

  • Tron (TRX), ranked 14th, saw a nice 13% gain this week after gaining 16% last week and is trading a just under 3 cents a piece.
  • Flexacoin (FXC), ranked 51st, gained just under 9% and is trading at just under 1 cent a piece.
  • BitShares (BTS), ranked 69th, had a very nice gain of just under 30% this week and is now trading at a little over 5 cents a piece.
  • ZB Token (ZB), ranked 79th, gained just under 15% this week and is trading at just about 29 cents a piece.
  • CyberVein (CBV), ranked 82nd, gained 13% this week and is now trading at a little over 11 cents a piece.

Biggest Dollar Decreases

The big drop in Bitcoin’s value affected the values of the entire crypto market. Some assets dropped significantly more than Bitcoin over the past week, especially those assets that had been making large week over week gains in the Decentralized Finance sector. Here are the biggest dollar value losers from the past week:

  • Ethereum (ETH), ranked 2nd, dropped 20% in value and is now trading at about $346 a piece after reaching well over $450 in recent days.
  • ChainLink (LINK), ranked 5th, dropped 26% and is now trading at $11.91 a piece.
  • Polkadot (DOT), ranked 7th, burst onto the scene this week by entering the top 10 but still lost 25% in value and is now trading at about $4.29 a piece.
  • Litecoin (LTC), ranked 9th, lost 23% in value this week and is trading around $46.79 a piece.
  • Tezos (XTZ), ranked 15th, lost 25% in value and is now trading at $2.46 a piece.
  • Cosmos (ATOM), ranked 22nd, lost over 34% in value and is now trading below $5 after being just about $8 last week.
  • Aave (LEND), ranked 26th, lost 31% in value and is trading at about 52 cents a piece.
  • Yearn.finance (YFI), ranked 28th, lost 37% in value and is trading at just under $22k this week after being over $30k last week.
  • VeChain (VET), ranked 29th, lost just under 35% in value and is trading at just over 1 cent a piece.
  • Synthetix Network Token (SNX), ranked 37th, lost 40% in value and is trading at about $4.30 a piece.

Biggest Losers Trading Against Bitcoin

The assets featured in the biggest dollar decreases section had the biggest losses trading for Bitcoin but with so many assets in the red this week we will highlight more losers from the past week. Here are some of the biggest losers trading against Bitcoin:

  • OMG Network (OMG), ranked 33rd, lost 21% in value trading for Bitcoin.
  • Ontology (ONT), ranked 35th, lost 21% as well.
  • Compound (COMP), ranked 37th, lost 15%.
  • Algorand (ALGO), ranked 40th, lost 22%.
  • Basic Attention Token (BAT), ranked 41st, the native token of the Brave Browser lost 18%.
  • HedgeTrade (HEDG), ranked 48th, lost 23% in value.

Bitcoin Breaks Below $10k

After dropping below $12k early last week and holding in the mid to upper $11k range, Bitcoin fell along with the entire crypto market over the past few days, losing 13% and now sitting at just over $10k after falling into the $9k range earlier today. Investors will hope it is able to maintain value above the $10k threshold, but if not we could see further decline as the traditional markets have taken a beating the past week as well.

For the first time in over a month Bitcoin is trading below what it was trading for at this time last year. On September 7, 2019, Bitcoin was trading at just over $10.5k, so it is just about $500 below where it was last year. Hopefully it is able to recover sooner than later.

Bitcoin Falls Along with Traditional Markets

Though Bitcoin and the entire cryptocurrency market experienced a trademark bout of volatility this past week, the traditional markets experienced a sudden decline as well, with top ranked assets like Amazon and Apple both losing significant value. That being said, the stock markets did not drop as sharply as Bitcoin and the crypto market, which dropped about 12% compared to the 1.5% gain for the Dow Jones Industrial Average and the 2% loss for the S&P 500 Index.

Perhaps the worst part of Bitcoin’s drop this week was that it was in step with the traditional markets declining, signalling that there is in fact still coupling between the crypto and traditional market movements. This is not something that pundits of Bitcoin as digital gold want to see, though even gold was not immune to the drop this week. Hopefully the cryptocurrency market is able to recover quickly and show support at these lower levels.

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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.