- >Price Check: Bitcoin Flirts with $10k as Halving Dust Settles
Price Check: Bitcoin Flirts with $10k as Halving Dust Settles
As Bitcoin’s halving occurred its price rose and fell before stabilizing just under $9k. In the aftermath of the long-awaited event it has begun creeping back to the $10k value it had at the beginning of 2020, currently sitting around $9.7k.
Evan Jones | Oct 13, 2020
People selling their altcoins to buy Bitcoin meant many decreases in this segment last week, but now that the halving is over money is flowing back into many alts and this week there is an inverse number of assets in the green compared to last week.
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 top 10 this week is much more appealing, with all the assets gaining dollar value this week as Bitcoin has risen by around 10%. The top 50 in general features only asset that lost dollar value this week, so even if you do not see your favorite crypto mentioned it is fairly safe to assume it gained value this week.
Here’s a look at some of the highlights from the top 10 biggest gainers this week:
- Ethereum (ETH), the perpetually second place crypto asset, had a very nice gain this week of just over 13% and is now worth around $212 a piece.
- Bitcoin SV (BSV), ranked 6th, had a nice gain of just under 10% and is now worth just under $200 a piece.
- Litecoin (LTC), ranked 7th, also had a decent gain of just under 9% and is now worth a little over $45 a piece.
- Binance Coin (BNB), ranked 8th, had a nice 10% gain this week and the native token of the Binance Exchange is now worth around $16.50 a piece.
- EOS, ranked 9th, and the biggest loser from last week, has nearly regained what it lost with a 10% gain following last week’s 11% loss, and is now worth around $2.65 a piece. In fact all the above assets essentially regained what they lost week.
Rounding out the top 10, we have Tezos (XTZ), which also followed a 10% loss last week with an 11% gain this week and is now worth around $2.70 a piece.
Of the top 25 cryptos by market cap there were two big gainers. Cardano (ADA), ranked 12th, saw a 13% gain is now worth almost 5.5 cents a piece. IOTA (MIOTA), ranked 24th, saw a 14% gain and is now worth about 20 cents a piece.
There were three notable gainers in the top 50 range:
- Zcash (ZEC), ranked 26th, gained about 20% this week and is now worth around $48 a piece.
- Hyperion (HYN), ranked 38th, gained 45% this week after dropping 29% last week and gaining 265% the week before. It is now worth just under 60 cents a piece.
- THETA, ranked 40th, saw a 33% gain this week and is now worth a little over 18 cents a piece.
Just outside the top 50 at rank 51, OmiseGO (OMG), had a very nice gain of about 46% this week and is now worth around 96 cents a piece.
Biggest Dollar Decreases
Unlike last week, where there were actually no dollar increases in the top 10 cryptocurrencies by market cap, and only a handful in the top 50 gained dollar value at all, this week there only one loser. This is something that happens when Bitcoin rises by 10% in a week.
UNUS SED LEO (LEO), ranked 16th, is the only loser in the top 50, and it lost a modest 0.75% to bring its value to around $1.09 a piece.
Biggest Losers Trading Against Bitcoin
While essentially every asset in the top 50 gained dollar value this week, many did lose value when trading for Bitcoin this week.
Of the top 10 cryptos the biggest loser was Tether (USDT), ranked 3rd, which saw a 10% decrease in value when trading for Bitcoin, which is the inverse of what Bitcoin has gained this week. This occurs for all stable coins when Bitcoin goes up in value as theirs stays fixed at $1.
Ripple (XRP), ranked 3rd, lost about 5% when trading for Bitcoin.
Of the top 25 cryptos it should be no surprise the UNUS SED LEO was the biggest loser as it was the only dollar value loser in the top 50. It lost 10% value when trading for Bitcoin.
Of the top 50 cryptos, the biggest non-stable coin loser was Digibyte (DGB), which lost just under 10% in value when trading for Bitcoin. Digibyte has been switching back and forth between the biggest gainer and loser sections for the past few weeks.
Bitcoin Creeping Back Towards $10k
Bitcoin saw a nearly 10% gain this week after settling around $8.8k as the halving occurred at the beginning of last week and is now worth around $9.7k
With the halving behind us many Bitcoin hodlers are expecting its value to steadily increase as the months go by, but only time will tell.
Compared to this time last year though, Bitcoin is almost $2,000 higher in value, as it was worth around $8,000 on May 20, 2019.
Traditional Markets May Be on Their Own Now
Bitcoin, which outperformed both the Dow and S&P last week, but only by a modest 1%, continued its trend of being decoupled from the traditional markets. While both major indices saw green weeks of 3% gains, Bitcoin more than tripled that.
If this trend of the traditional markets and crypto markets continues to occur as the months go by, hodlers will be giddy and more bullish than ever as nations continue to pump dollars into their economies thus ensuring future inflation of their currencies.