- >Price Check: Bitcoin Finally Cracks $10k, Ethereum Explodes
Price Check: Bitcoin Finally Cracks $10k, Ethereum Explodes
After falling down below $9.2k for the first time in a few weeks Bitcoin has bounced back in a big way over the weekend, rising above $10k for the first time in almost two months, and now sitting at over $10.5k. Meanwhile, Ethereum has blown up over the past week, and is now trading above $300 for the first time in over a year.
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
With Bitcoin well into the green over the past 7 days it should come as no surprise 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, one 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 over the past week, with over 34% gained. It is now trading at just under $320 a piece. The emerging DeFi market is helping push Ethereum’s value as many of them use Ethereum’s network as their platform, though there has been little actual development with Ethereum itself.
- Bitcoin Cash (BCH), ranked 5th, saw a nice 16% gain over the past week and is now trading at just under $260 a piece.
- Bitcoin SV (BSV), ranked 6th, has moved back up a spot on the chart this week after seeing a nearly 20% gain and is now trading at just over $200 a piece.
- Litecoin (LTC), ranked 8th, also had a nice gain with over 14% this week and it is now trading at a little over $48 a piece.
- Zcash (ZEC), ranked 25th, bounced back in a big way after dropping 5% last week, as it has gained over 21% this week and is now trading at a few cents over $70 a piece.
- Elrond (ERD), ranked 37th, is the biggest winner this week. After dropping 8% last week and gaining 120% the week before that, the interesting altcoin has had a huge 74% gain this week and is now trading at a little over 2 cents a piece.
Biggest Dollar Decreases
With Bitcoin well into the green this week one might expect that there were very few losers this week, but surprisingly this is not the case. There are many assets that have lost significant value this week marking an interesting decoupling between altcoin and Bitcoin values, which have been somewhat tied historically. Here are the biggest dollar value losers from the past week:
- Chainlink (LINK), ranked 12th, fell apart after gaining 50% last week, as it lost over 12% this week and is now trading at about $6.75 a piece. It dropped from 10th rank.
- Cosmos (ATOM), ranked 26th, lost just under 14% in value this week and is now trading at just under $3.50 a piece.
- Ampleforth (AMPL), ranked 32nd, lost 24% this week after gaining 22% last week and is now trading at about $2.18 a piece.
- Compound (COMP), ranked 35th, lost over 21% in value this week and is now trading around $130 a piece.
- Aave (LEND), ranked 39th, lost 28% this week after gaining 40% last week and is now trading at a little over 23 cents a piece.
- Kyber Network (KNC), ranked 41st, lost 22% this week and is now trading at about $1.31 a piece.
- Synthetix Network Token (SNX), ranked 43rd, lost over 25% this week after gaining 40% last week and is now trading at $2.76 a piece.
- Algorand (ALGO), ranked 50th, which gained 38% last week, lost 24% this week and is now trading at just over 28 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. But we have a lot of significant losers trading for Bitcoin this week as well, as the king as the rising tide has not raised all boats. In fact, when looking at the chart by Bitcoin value, only 7 assets are in the green. This is fairly significant considering Bitcoin’s rise. Here are some of the biggest loser trading against Bitcoin:
- Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), True USD (TUSD), Dai (DAI), and all other stablecoins lost about 13% 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.
- Tezos (XTZ), ranked 13th, lost almost 19% when trading for Bitcoin.
- Stellar (XLM), ranked 14th, lost almost 20%.
- VeChain (VET), ranked 20th, lost over 20%.
- Ontology (ONT), ranked 28th, lost over 21%.
- Basic Attention Token (BAT), the native token of the Brave Browser and ranked 32nd, lost over 23%.
Bitcoin Blows Up
Bitcoin has absolutely bounced back after a down week last week, with over 15% gained over just the past few days, and breaking the rangebound trap it was stuck in. It remains to be seen whether it will drop back down as fast as it rose, but it is now trading at over $10.5k for the first time in a long time, and this is something holders have been waiting anxiously for. Hopefully it will at least be able to hold above $10k.
For the first time in over a month, Bitcoin is trading above what it was trading for at this time last year. On July 27, 2019, Bitcoin was trading at just under $9.5k, so it is about $1,000 above where it was last week. Let us hope this pattern continues.
Bitcoin Leaves Traditional Markets in the Dust
After losing to the traditional markets for 4 weeks straight, Bitcoin has absolutely run circles around them this week. It gained over 15% while the Dow Jones Industrial Average has lost about 0.5% and the S&P 500 Index has lost 0.6%. Bitcoin’s gain over the past week is more than the total gain of either traditional index over the past 3 months.
This is everything crypto pundits have wanted to see, and it happened very suddenly. It remains to be seen whether Bitcoin will hold at its current value, but to see it shoot past the traditional markets is a nice sight and is further indication that it has decoupled from them in a meaningful way. The future of crypto looks bright, if only for the moment.