- >Price Check: Bitcoin Finds Stability as Altcoins Rise
Price Check: Bitcoin Finds Stability as Altcoins Rise
After a down week where prices for Bitcoin dropped as far as sub-$9k, the king of crypto took a step in the right direction over the past week. While Bitcoin has hopefully stabilized, if not on an upward trajectory, a few altcoins have shown resilient gains over the past week as well, and the top 50 overall features very little red this week.
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
Unlike last week when there were no dollar increases in the top 10, nor the top 25, this week there are some significant gainers throughout the entirety of the top 50. With Bitcoin in the green over the past 7 days it should come as no surprise that there are few to no significant losers this week, and some familiar altcoins are back in this section after being in the Biggest Dollar Decrease section last week:
- Ethereum (ETH), ranked 2nd, lost about 7% in value last week, but saw a 6% gain over the past week and is worth around $242 a piece
- Crypto.com Coin (CRO), the native token of the Crypto.com Exchange has entered the top 10 and continues to see weekly gains. Last week it held value while most altcoins lost some. After this week’s 12% gain it now sits at a little over 12 cents a piece, with no signs of slowing down as Syndicate Events on the exchange give this coin great staying power
- Cardano (ADA), ranked 11th, recuperated after being last week’s biggest loser in the top 25, with a 10% gain this week. It is now worth a little over 8 cents a piece. With the Shelley Mainnet set to go live next week, it’s likely to see more bullish movement
- Chainlink (LINK), ranked 13th, also recovered from last week’s loss, and is the biggest gainer in the top 25 this week with over 13% gained. It is now worth about $4.37 a piece
- Basic Attention Token (BAT), ranked 32nd, also recovered from its loss last week with a 10% gain. The native token of the Brave Browser is now worth just under 25 cents a piece
- Synthetix Network Token (SNX), ranked 37th, followed last week’s big 20% gain with an even bigger 35% gain this week and is now worth about $1.45 a piece
- Aave (LEND), ranked 48th, was the biggest gainer in the top 50 with a massive 70% gain and is now worth about 13 cents a piece
Biggest Dollar Decreases
With Bitcoin in the green this week there is little of note for this section compared to last week, stablecoins show as in the red due to their losing value against Bitcoin but are still worth a $1. That being said here are some of the dollar value losers from this week:
- Ripple (XRP), ranked 4th, lost just under 1% in value this week, and while that is not a significant amount, considering that every other asset in the top 25 gained value it is notable as a loser
- HedgeTrade (HEDG), ranked 29th, lost about 4% in value and is now trading around $1.60 a piece
- Zilliqa (ZIL), ranked 43rd, lost over 16% in value this week after gaining 7% last week, and 39% the week before. It is now trading around 2 cents a piece
Biggest Losers Trading Against Bitcoin
Most of the big losers when trading for Bitcoin are the assets listed in the Biggest Dollar Decrease section, but because Bitcoin has gained value, all stablecoins have lost value trading for Bitcoin, we’ll note them below along with a couple other losers not featured above:
- Tether (USDT), ranked 2nd, USD Coin (USDC), ranked 21st, Paxos Standard (PAX), Binance USD (BUSD), ranked 51st, and True USD (TUSD), ranked 57th, and Dai (DAI), ranked 60th, all lost about 3% in value when trading for Bitcoin
- Ripple, while only losing about 1% in dollar value, lost 3% when trading for Bitcoin
- Cosmos (ATOM), ranked 25th, lost another 2% trading for Bitcoin after losing just under 9% last week
Bitcoin Back on Track?
Bitcoin fell down about 5% last week, even reaching below $9k in some markets for a short period but has since somewhat stabilized in the $9.5k range again. This seems to be where Bitcoin gravitates to over the past month or so, it has gone up and down, but always seems to return to about this value in the end.
Obviously people would like to see Bitcoin go to the moon, but it is nice to see that even if somewhat volatile there is a semblance of baseline value.
However, for the first time in a long time, Bitcoin is actually worth less than it was at this time last year, as on June 22, 2019 it was trading at about $10.2k, which is about $700 more than it is trading for today. If Bitcoin does not break $10k this will be a trend for another month or two.
Bitcoin Sparsely Outgains Traditional Markets
Though it has only seen a small 2% gain over the past week, Bitcoin has out-gained the Dow Jones Industrial Average and the S&P 500 Index, which gained just under 1% and a little over 1.5%, respectively.
With Covid cases rising drastically in many US states, one has to wonder how all three of these markets will perform over the coming weeks, but it is an optimistic sign that Bitcoin has out-gained the traditional markets, even if by a thin margin.
That being said, the three markets seem to be moving in the same direction as each other once again, even if by different amounts, which is not what supporters of crypto would like to see long-term. Hopefully Bitcoin can rally in the coming weeks and months, and it is off to a good start this week.