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  • >Price Check: Bitcoin Hits $41.9k Before Massive Correction

Price Check: Bitcoin Hits $41.9k Before Massive Correction

The first major dip of Bitcoin in 2021 is upon us. Had this piece been written just a few days ago, it would be talking about how Bitcoin had rallied not only past the $35k mark, but then past the $40k mark after that, reaching as high as $41.9k just 3 days ago.

It was even as high as $39k less than 24 hours ago. But here we are, with Bitcoin sitting around $31k, dropping back to where it began when this was written on week ago. What happens next is anyone’s guess, but even as Bitcoin has essentially not gained any value this week some altcoins are making impressive rallies.

After weeks of gains, Bitcoin finally found a big correction during the second week of January

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

Bitcoin’s astonishing ascent had some assets with even bigger dollar increases than what it now is today, and even with the drop by the king of crypto they are still showing significant dollar increases over the past week. Here are the biggest gainers from the past week:

  • Ripple (XRP), ranked 4th, has gained over 16% and is trading around 27 cents a piece. This comes after significant losses over the past few weeks following the SEC announcement regarding Ripple’s legality.
  • Cardano (ADA), ranked 8th, has gained over 15% and gaining 28% last week and is trading at over 25 cents a piece. It reached as high as 32 cents this week when Bitcoin was over $40k.
  • Stellar (XLM), ranked 11th, is one of our biggest gainers of the week with around 50% gained. The XRP competitor has feasted on news and is trading around 22 cents a piece.
  • Neo (NEO), ranked 20th, has gained over 37% and is trading around $22.05 a piece.
  • Synthetix (SNX), ranked 27th, has gained 12% after gaining over 28% last week and is trading around $10.74 a piece.
  • Dash (DASH), ranked 29th, has gained over 31% and is trading around $114.69 a piece.
  • Maker (MKR), ranked 30th, is our second biggest gainer of the week with around 66% gained. It is trading around $1,125.63 a piece.
  • IOTA (MIOTA), ranked 36th, has gained around 13% and is trading around 34 cents a piece.
  • Yearn.finance (YFI), ranked 40th, has gained over 13% and is trading around $26,973.13 a piece.
  • Solana (SOL), ranked 42nd, has gained just over 17% and is trading around $2.72 a piece.
  • Avalanche (AVAX), ranked 51st, is our biggest gainer of the week with just under 75% gained and is trading around $6.02 a piece.

Biggest Dollar Decreases

The rise and fall of Bitcoin has left some assets very much in the red, dropping as much as 20% after seeing significant gains as Bitcoin rose. Here are the biggest dollar value decreases over the past week:

  • Litecoin (LTC), ranked 5th, has lost over 22% and is trading around $119.97 a piece.
  • Polkadot (DOT), ranked 8th, has lost over 21% after gaining 47% last week and is trading around $7.55 a piece.
  • EOS, ranked 16th, has lost a little under 12% and is trading around $2.47 a piece.
  • THETA, ranked 21st, has lost just under 25% after gaining 33% last week and is trading around $1.53 a piece.
  • VeChain (VET), ranked 25th, has lost around 14% after gaining 32% last week and is trading around 2 cents a piece.
  • Uniswap (UNI), ranked 26th, has lost around 14% after gaining 40% last week and is trading around $4.63 a piece
  • Celsius (CEL), ranked 31st, has lost over 23% after gaining 33% last week and is trading around $4.70 a piece.
  • Cosmos (ATOM), ranked 33rd, has lost over 23% and is trading around $5.07 a piece.
  • Dogecoin (DOGE), ranked 39th, has lost over 27% and is trading around 6 tenths of a cent a piece. It was our biggest gainer last week with 110% gained.
  • Zilliqa (ZIL), ranked 45th, has lost over 26% and is trading around 5 cents 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:

Can Bitcoin Hold Onto $30k?

Bitcoin ascended to the moon but seems to have blown a fuse, dropping back down to where it was when last week’s segment was being written, but having gone as high as $41.9k just 3 days ago. Now the question will be, can it hold $30k? Can it rally back up to where it was? This is all very uncertain. An interesting note is that the wealthiest Bitcoin accounts are not the ones selling off, they are in fact still buying the dip.

Bitcoin continues to blow its price at this time last year out of the water, as you might expect with an all-time high. On January 11, 2020, Bitcoin was trading at just over $8k, so it is almost 4x higher than it was last year at this time and was 5x at one point a few days ago.

Bitcoin Losses Moving to Traditional Markets?

With a little under 3 percent lost this week, Bitcoin has lost the amount that the traditional markets have gained. The Dow Jones Industrial Average and S%P 500 Index have both gained almost the same amount that Bitcoin has lost, perhaps signalling a shift in profit taking from Bitcoin to other assets. Regardless, Bitcoin’s movements have very little to do with the traditional markets anymore. It will be interesting to see where we are next week.

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About the Author

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.