- >Price Check: Bitcoin, Ethereum Post Strong Price Recovery
Price Check: Bitcoin, Ethereum Post Strong Price Recovery
Bitcoin is back on the upswing after taking a tumble last week, having fallen below $10k temporarily after reaching over $12k just a couple weeks earlier. With Bitcoin recovering it has made for a mostly green week when looking at the charts, with some altcoins experiencing significant gains over the past week, and some Decentralized Finance assets more than recouping their losses.
Evan Jones | Oct 14, 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
Bitcoin back on the rise means there were a lot of assets experiencing positive dollar gains this week, unlike last week where there was almost nothing in the top 50 that saw an increase in value. Here are the biggest gainers from the past week:
- Ethereum (ETH), ranked 2nd, gained 13% after losing 22% last week and is now trading at just over $380 a piece.
- Binance Coin (BNB), ranked 5th(!), has had a huge week that has vaulted it into the top 5 assets by market cap. The native token of Binance exchange is now trading at $32.47 after seeing a 52% gain over the past week.
- Polkadot (DOT), ranked 6th, has gained 26% after losing 25% last week and is now trading at $5.45 a piece.
- Neo (NEO), ranked 19th, has seen a big 31% gain and is now trading at about $21.89 a piece.
- Yearn.finance (YFI), ranked 20th, has more than recovered after its 37% loss last week by gaining over 92% this past week and putting it at $41,450 a piece. By far the biggest winner this week.
- Aave (LEND), ranked 26th, gained 33% after losing 31% last week and is now trading at just over 70 cents a piece.
- Ontology (ONT), ranked 31st, gained 44% this week after losing over 20% last week and is trading at just over 87 cents a piece.
- THETA, ranked 39th, has gained over 37% and is trading at just under 54 cents a piece.
- NXM, ranked 44th, has gained 76% this week and is trading at just under $68 a piece.
- Flexacoin (FXC), ranked 46th, followed its 9% gain from last week with another 42% gained this week and is trading at just over 1 cent a piece.
Biggest Dollar Decreases
The upswing of Bitcoin over the past week has had an extremely positive effect on the whole crypto market, with there being almost no assets in the red for dollar value over the past week. Here are the only dollar value decreases from the past week:
- Bitcoin SV (BSV), ranked 11th, lost 3% and is trading at about $163 a piece.
- UNUS SED LEO (LEO), ranked 21st, lost 4% and is trading at $1.15 a piece.
- Celo (CELO), ranked 47th, was the biggest loser with a 10% decrease and is trading at about $2.89 a piece.
Biggest Losers Trading Against Bitcoin
While the assets in the biggest dollar decrease section are the biggest losers of dollar value this week there are many other assets that have not lost dollar value due to Bitcoin’s increase but have instead lost value trading against Bitcoin. Here are some of those assets:
- Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost between 4-6% trading for Bitcoin but are still worth $1 a piece.
- Chainlink (LINK), ranked 7th, lost 4% trading for Bitcoin.
- Bitcoin Cash (BCH), ranked 8th, lost 4% as well.
- EOS, ranked 12th, lost 6%.
- Maker (MKR), ranked 37th, lost 6% as well.
- Compound (COMP), ranked 40th, lost just under 6%.
Bitcoin Closing in on $11k
After dropping below $10k briefly last week Bitcoin has recovered to the tune of a nearly 6% gain and is now trading at about $10.7k a piece. Definitely a positive sign after a very gloomy start last week, hopefully it will continue to rise over the coming days and reach over $11k soon. If it faces resistance we may see another drop, though $10k seems to be the bottom for the time being.
Bitcoin is back to trading above what it was trading for at this time last year. On September 14, 2019, Bitcoin was trading at just under $10.4k, so it is just about $400 above where it was last year. Investors hope the upswing continues.
Bitcoin Back to Outperforming Traditional Markets
After losing value in step with the traditional markets last week, perhaps signalling a recoupling of the crypto and traditional markets, Bitcoin has outperformed both the Dow Jones Industrial Average and S&P 500 Index by a somewhat significant margin. With its 6% gain, Bitcoin has completely outpaced the DJIA and S&P which both experienced losses of 0.5% and 1.3%, respectively, over the past week.
This is an extremely positive sign for Bitcoin and the cryptocurrency market as a whole, as it lends hope that the traditional market and crypto market are not recoupled as last week’s joint decline may have signified. Crypto investors everywhere will be happier than ever if Bitcoin and crypto can keep rising while the traditional markets struggle to maintain parity.