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Price Check: Bitcoin Falls Amidst Red Week for All Markets

Bitcoin dropped this week, as did the traditional markets. As a result, the entirety of the top 25 assets by market cap are in the red apart from stablecoins, as their value stays constant at $1.

Bitcoin took a significant hit over the last week.

Some assets have mostly just lost dollar value due to their ties to Bitcoin’s price, but many have lost somewhat notable amounts of value when trading for Bitcoin as well. Even still, there are a few significant gainers in the top 50.

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

There are no dollar increases in the top 10, nor the top 25, it is not until we reach rank 28 that we see a crypto asset with a positive dollar gain this week. Here are the biggest gainers between rank 25 and 50:

  • VeChain (VET), ranked 28th, saw a very nice gain of just under 10% this week and now trades at just over eight-tenths of a cent. This follows gains of 15% last week and 31% the week before
  • DigiByte (DGB), ranked 35th and a volatile asset that alternates as a gainer and loser seemingly by the week, saw a nearly 20% gain and is now worth just over 2 cents a piece
  • Zilliqa (ZIL), ranked 37th, follows gains of 30% and 39% the last two weeks with another 7% gained this week, and is worth a little over 2 cents a piece
  • 0x (ZRX), ranked 38th, saw a nearly 7% gain and is now worth a little over 34 cents a piece
  • Kyber Network (KNC), ranked 40th, had a huge 53% gain this week and is now worth around $1.16
  • Synthetix Network Token (SNX), ranked 41st, had a big 20% gain this week and is now trading around $1.08 a piece

Biggest Dollar Decreases

Bitcoin had a loss of around 5% this week so we have so big losers this week:

  • Ethereum (ETH), ranked 2nd, lost about 7% in value and is worth around $226 a piece
  • Ripple (XRP), ranked 4th, lost just under 8% in value and is worth a little over 18 cents a piece
  • Bitcoin Cash (BCH) and Bitcoin SV (BSV), ranked 5th and 6th, lost about 9% each and are now trading around $231 and $173 a piece, respectively
  • EOS, ranked 9th, was the biggest loser in the top 10, with a 10% loss that brings its value down to about $2.50 a piece
  • Cardano (ADA), ranked 11th, was the biggest loser in the top 25, after posting huge gains over the past few weeks. It lost a little under 15% and is now worth a little over 7 cents a piece
  • Tezos (XTZ), Stellar (XLM), and Chainlink (LINK), ranked 12th to 14th, all lost about 13% in value and are trading around $2.56, 7 cents, and $3.81, respectively
  • HedgeTrade (HEDG), ranked 27th, was the biggest loser in the top 50, following last weeks 10% loss with another 23% loss this week. It is now trading around $1.65 a piece
  • Basic Attention Token (BAT), ranked 31st, lost around 12% this week. The native token of the Brave Browser is now worth around 22 cents a piece
  • Many other assets lost about 10% in value this week including OMG Network (OMG), THETA, Decred (DCR) and Bitcoin Gold (BTG)

Biggest Losers Trading Against Bitcoin

It should come as no surprise that the biggest losers trading against Bitcoin are the same assets in the biggest dollar decrease section above, something that happens when Bitcoin loses value. We will highlight a few other losers from the top 50:

  • Tron (TRX), ranked 17th, lost about 9% when trading for Bitcoin
  • Neo (NEO), ranked 20th, lost about 8%
  • Cosmos (ATOM), lost just under 9%
  • Maker (MKR), ranked 25th, which gained 21% last week, lost 7% this week

Bitcoin Facing Bears

Bitcoin fell down about 5% this week, even reaching below $9k in some markets for a short period but has bounced back up to around $9.3k. While certainly not the direction most would like to see Bitcoin go, all the markets including the traditional ones lost value over the past week.

Compared to this time last year, Bitcoin is worth about $800 more, as it was trading around $8.5k on June 15, 2019.

Bitcoin Loses but Traditional Markets Lose More

Prior to last week the Dow Jones and S&P 500 saw 7% and 5% gains respectively, compared to Bitcoin’s 1% gain. This past week, all three markets experienced losses amidst increasing Covid case numbers in the US, and protests all across the globe. While Bitcoin has lost just under 5% in value, the Dow Jones Industrial Average has lost a little over 8%, giving back its gains from last week. Meanwhile the S&P 500 Index lost a little over 6.5% this week, also returning last week’s gains.

Bitcoin continues to move separately from the traditional markets, even if all three markets lost value this week, Bitcoin lost the least, and already seems to be rebounding back up, even if slightly. It remains to be seen how long this dance will continue, but many analysts fear that all markets could be in trouble if Covid experiences a second wave sooner than expected.

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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.