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Price Check: Bitcoin Hits All-Time High as Altcoins Explode

The all-time highs for Bitcoin just keep coming as the OG cryptocurrency hit over $44,000 earlier today.

Institutional investment seems to be a big driver this time with Tesla announcing it currently holds $1.5 billion worth of the digital asset. Meanwhile, Cardano has leapt into the top 5, landing at number 4 by market cap after a huge rally of almost 100%, and it’s not alone.

We have a handful of cryptos that have gained even more and have leapt up the charts as well, with many more seeing significant but slightly less impressive gains and there is not a single asset in the red in the top 50.

Who knows just how high Bitcoin will fly?

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 jump by Bitcoin has not only brought up almost the entirety of the market, but there are a lot of altcoins that are blowing up even more than Bitcoin is, many of them in the Decentralized Finance sector. Here are the biggest gainers from the past week:

  • Cardano (ADA), ranked 4th, has had a huge week that has seen it jump past both Polkadot and Ripple to take the fourth spot by market cap. This comes via an almost 98% gain that has the asset worth just over 70 cents a piece.
  • Polkadot (DOT), ranked 5th, has gained over 40% and is trading around $22.38 a piece.
  • Binance Coin (BNB), ranked 7th, the native token of Binance Exchange has gained just over 50% after gaining 13% last week and is trading around $73.58 a piece.
  • Dogecoin (DOGE), ranked 10th, the meme coin has had another big week with 95% gained after its 360% rally last week and is now trading for almost 8 cents a piece.
  • Aave (AAVE), ranked 14th, has gained over 73% after gaining 13% last week and is trading around $500.29 a piece.
  • Elrond (EGLD), ranked 19th, has gained an other worldly 182% after gaining 30% last week and is trading around $180.07 a piece. It is our biggest gainer of the week and has moved it up 20 spots on the market chart.
  • Cosmos (ATOM), ranked 20th, has gained over 66% and is trading around $14.08 a piece.
  • Maker (MKR), ranked 25th, has gained just under 75% and is trading around $2,548.70 a piece.
  • Avalanche (AVX), ranked 28th, has gained over 140% and is trading around $31.03 a piece.
  • Terra (LUNA), ranked 29th, plays second fiddle to Elrond this week as it only gained 173% after gaining 78% last week and is now trading around $4.62 a piece.
  • Solana (SOL), ranked 31st, has gained over 83% after gaining 17% last week and is trading around $7.77 a piece.
  • UMA, ranked 38th, is our third biggest gainer of the week with its 165% gain that has it trading around $28.86 a piece.
  • 0x (ZRX), ranked 50th, has gained an impressive 130% and is trading around $1.52 a piece.

Biggest Dollar Decreases

As mentioned in the intro, there are no dollar value losers in the top 50 by market cap, in fact there are only 3 in the top 100, so we will list all of them:

  • Voyager Token (VGX), ranked 73rd, has lost over 13% and is trading around $2.43 a piece.
  • HedgeTrade (HEDG), ranked 79th, has lost over 11% and is trading around $1.29 a piece.
  • Horizen (ZEN), ranked 88th, has lost over 2% and is trading around $34.74 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 despite gaining dollar value this week. Here are some of the biggest losers trading for Bitcoin:

  • Ethereum Classic (ETC), ranked 53rd, has lost over 10% trading for Bitcoin.
  • Zilliqa (ZIL), ranked 57th, has lost over 13% trading for Bitcoin.
  • OMG Network (OMG), ranked 67th, has lost over 9%.
  • 1inch (1INCH), ranked 70th, has lost over 16%.
  • Nano (NANO), ranked 74th, has lost over 15%.
  • ICON (ICX), ranked 76th, has lost over 12%.
  • Quant (QNT), ranked 77th, has lost over 12%.

Can Bitcoin Hold $40k?

Bitcoin, true to its form, not only got past $35k this week, but then kept on going and set a new all-time high earlier today of over $44.1k. It has since dropped back down to the high $42k range. Tesla has announced they hold over a billion worth of Bitcoin, adding to its legitimacy and likely helping fuel this rally. Now the question is will it hold $40k? And if so, where will it be a week from now?

Bitcoin reaching an all-time high means it is eclipsing its price at this time last year. On February 8, 2020, Bitcoin was trading at just over $9.8k, so it is over 4x higher than it was last year at this time.

Bitcoin Leaving Traditional Markets in the Dust

With a little over 3 percent gained this week, the Dow Jones and S&P 500 Index have done well for themselves but have not even come close to the performance which Bitcoin has seen with its nearly 30% gain in the same time. All we can do now is sit back and watch as crypto becomes more and more mainstream.

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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.

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