- >Price Check: Bitcoin, Ethereum Soar for Second Straight Week
Price Check: Bitcoin, Ethereum Soar for Second Straight Week
After passing the $10k mark the first time in months Bitcoin continued its ascent, breaking and maintaining value of over $11k for the past week, and now sitting at over $11.4k. Meanwhile, Ethereum continued its climb and is now trading at just under $400. In addition Ripple has suddenly woken up and taken its third-place spot back from Tether.
Evan Jones | Oct 13, 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 vaulting well into the green over the past 7 days means that there are many winners this week in the top 50. The king of crypto pulled a lot of assets up with it, and there are a few absolute standouts this week, two of which we already mentioned in the intro. Here are some of the biggest gainers from the past week:
- Ethereum (ETH), ranked 2nd, had the biggest gain it has seen in a long-time last week, with over 34% gained. This week it gained another 22% and it is now trading at just under $400 a piece.
- Ripple (XRP), ranked 3rd, made its first significant gains in a long while over the past week, seeing a huge 43% gain and pushing the asset past Tether on the market charts. It is now trading at just over 31 cents a piece.
- Bitcoin Cash (BCH), ranked 5th, saw a nice 15% gain over the past week and is now trading at just over $300 a piece.
- Bitcoin SV (BSV), ranked 6th, also had a 15% gain and is now trading at just over $233 a piece.
- Litecoin (LTC), ranked 7th, also had a nice gain with over 17% this week as it overtook Cardano and is now trading at just under $60 a piece.
- Chainlink (LINK), ranked 11th, recovered from its down week with a nice 22% gain and is now trading at over $8.50 a piece.
- HedgeTrade (HEDG), ranked 27th, had a huge 41% gain this week and is now trading at $2.13 a piece
- Aave (LEND), ranked 32nd, gained 31% after losing 28% last week and is now trading at just under 32 cents a piece
- Synthetix Network Token (SNX), ranked 34th, gained 45% this week after losing 25% last week and is now trading at $4.18 a piece.
Biggest Dollar Decreases
With Bitcoin well into the green this week one there were very few losers this week, but there were still some assets that experience significant losses. Here are the biggest dollar value losers from the past week:
- Ampleforth (AMPL), ranked 40th, lost 56% this week after losing 24% last week and is now trading at about 95 cents a piece.
- Compound (COMP), ranked 39th, lost another 5% this week after losing over 21% in value last week and is now trading around $130 a piece.
- Elrond (ERD), ranked 41st, lost 15% this week after gaining a massive 74% last week and is now trading at just over 2 cents 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 some notable losers trading for Bitcoin this week as well. Here are some of the biggest losers trading against Bitcoin:
- Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), True USD (TUSD), Dai (DAI), and all other stablecoins lost about 6-7% in value trading for Bitcoin this week, the inverse of Bitcoin’s value increase. They are still worth $1 but are worth less Bitcoin than they were.
- Cardano (ADA), ranked 8th, has lost about 7% trading for Bitcoin.
- Crypto.com Coin (CRO), ranked 10th, lost about 2%.
- VeChain (VET), ranked 20th, lost under 3%.
- Ontology (ONT), ranked 30th, lost over 3%.
- Basic Attention Token (BAT), the native token of the Brave Browser and ranked 33rd, lost just under 3%.
Bitcoin Stays Up
Bitcoin has kept rising after its explosion after a down week two weeks ago, with about 7% gained over the last week. It remains to be seen whether it will drop back down as fast as it rose, but it is now trading at over $11.4k for the first time in a long time, and this is something holders have been waiting anxiously for. If it can maintain this course, or at least maintain a value over $10-11k, many investors will be happy.
Bitcoin is still trading above what it was trading for at this time last year. On August 3, 2019, Bitcoin was trading at just over $10.5k, so it is just about $1,000 above where it was last year. Let us hope this pattern continues.
Bitcoin Still Outpacing Traditional Markets
After losing to the traditional markets for 4 weeks straight, Bitcoin has absolutely run circles around them over the past two weeks. It gained another 7% this week while the Dow Jones Industrial Average has gained about 0.3% and the S&P 500 Index has gained a little over 1%.
This is a pattern every crypto lover wants to see continue, and if it sticks then hodlers everywhere will feel validated. It remains to be seen whether Bitcoin will hold at its current value, but to see it continue outpacing the traditional markets is a welcome sight and is further verification that it has decoupled from them in a meaningful way. The future of crypto looks bright, let’s hope it keeps on shining.