- >Price Check: Bitcoin Fails to Clear $20,000 Barrier
Price Check: Bitcoin Fails to Clear $20,000 Barrier
Bitcoin has yet to clear the $20,000 barrier but it has managed to maintain its average value over the $19k threshold for the past week. BTC dipped below a couple times but then it would go back over, now sitting around $19.2k.
It is nothing short of exciting that Bitcoin has gone on the run it has, and if it can create some sort of stability in its value that would be great. Meanwhile, altcoins have had a bit of a down week, Bitcoin moving sideways can have that effect.
Evan Jones | Dec 7, 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
The lack of movement by Bitcoin over the past week resulted in a somewhat red market chart, even the king itself lost a small fraction of value. As such is the case, some assets have seen significant gains, while others did not perform so well. Here are the biggest gainers from the past week:
- Monero (XMR), ranked 15th, has gained over 12% and is trading around $141.63 a piece.
- NEM (XEM), ranked 18th, has gained almost 30% after gaining 30% last week and is trading at just over 23 cents a piece.
- VeChain (VET), ranked 24th, has gained over 15% and is trading at just under 2 cents a piece.
- Aave (AAVE), ranked 25th, has gained a little over 24% after gaining 7% last week and is trading around $94.60 a piece.
- Waves (WAVES), ranked 30th, has gained just over 30% after losing nearly 10% last week and is trading around $9.16 a piece.
- Yearn.finance (YFI), ranked 33rd, has gained over 10% and is trading around $29,171.34 a piece.
- THETA, ranked 38th, has gained over 9% after losing 8% last week and is trading at just over 68 cents a piece.
- Compound (COMP), ranked 39th, has gained just over 26% after losing 12% last week and is trading around $141.59 a piece.
- Synthetix (SNX), ranked 40th, has gained just over 10% after losing 11% last week and is trading around $5.26 a piece.
- SushiSwap (SUSHI), ranked 49th, has is our biggest gainer of the week with 62% gained, and is trading around $2.48 a piece.
- Zilliqa (ZIL), ranked 51st, has gained over 23% and is trading at just under 3 cents a piece.
Biggest Dollar Decreases
As mentioned in the Increases section, there were some assets that did not perform very well this week, in fact most of the market was actually in the red. Many of the biggest gainers from last week are now some of the biggest losers this week, as is the norm in crypto. Here are the biggest dollar value decreases over the past week:
- Ripple (XRP), ranked 3rd, lost over 7% after gaining 20% last week and is trading at just over 61 cents a piece.
- Chainlink (LINK), ranked 7th, has lost over 7% and is trading around $13.21 a piece.
- Cardano (ADA), ranked 8th, has lost over 8% and is trading at just over 15 cents a piece.
- Stellar (XLM), ranked 11th, has lost over 15% after gaining 74% last week and is trading around 17 cents a piece.
- Tezos (XTZ), ranked 19th, has lost over 7% and is trading around $2.29 a piece.
- Crypto.com Coin (CRO), ranked 20th, the native token of Crypto.com Exchange continues to fall in value, losing another 7%, and is trading at just over 6 cents a piece.
- Cosmos (ATOM), ranked 27th, has lost almost 7% and is trading around $5.18 a piece.
- Dash (DASH), ranked 28th, has lost almost 10% after gaining 25% last week and is trading around $102.31 a piece.
- IOTA (MIOTA), ranked 32nd, lost almost 9% and is trading at just over 32 cents a piece.
- Ethereum Classic (ETC), ranked 36th, has lost over 7% and is trading around $6.19 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. Here are some of the biggest losers trading for Bitcoin:
- Bitcoin Cash (BCH), ranked 6th, has lost just under 5% trading for Bitcoin
- Polkadot (DOT), ranked 9th, has lost just over 4%.
- Binance Coin (BNB), ranked 10th, the native token of Binance Exchange has lost just over 5%
- Celsius (CEL), ranked 41st, has lost over 7%.
- Maker (MKR), ranked 42nd, has lost over 7%.
- OMG Network (OMG), ranked 43rd, has lost over 6%.
Can Bitcoin Reach $20k?
For the first time in a month, we have a fairly boring week of Bitcoin price movement, as it stayed above $19k, but actually lost about 2% over the course of the week. It is now sitting around $19.2k, and the question of whether it can reach $20k has become less certain. As we approach the new year, the price of Bitcoin will be an interesting thing to watch.
Bitcoin continues to eclipse its price at this time last year, well above what it was trading for. On December 7, 2019, Bitcoin was trading at just over $7.5k, so it is over 2.5x higher than it was last year at this time. If you are someone who bought in during that time period or when the drop occurred at the start of the pandemic your returns are astronomical.
Bitcoin Loses Ground
With a 2% loss this week, Bitcoin has lost compared to the performances of the traditional markets, which have had small positive gains over the past week. The Dow Jones Industrial Average has gained just over 1.5% while the S&P 500 Index has gained just over 2% over the past week, essentially going up the amount that Bitcoin declined. Bitcoin moving sideways while the traditional markets go up is nothing to be concerned with for holders.