- >Price Check: Bitcoin Hits All-Time High, Is $20,000+ Next?
Price Check: Bitcoin Hits All-Time High, Is $20,000+ Next?
It’s time to forget 2017. Earlier today Bitcoin finally surpassed all the milestones set three years ago with a single Bitcoin costing $19,860, which is a new all-time high.
The predominant cryptocurrency may not be done, either, as the $20,000 barrier seems poised to fall this week. The week certainly didn’t start out bullish as Bitcoin experienced a $3,000 drop right around American Thanksgiving. That didn’t deter traders, however, as it quickly bounced back to $17,000 and then $18,000 before finally peaking at $19,860.
Bitcoin has cooled to approximately $19,500 since then but it remains to be seen whether traders are simply catching their breath before attempting a $20,000 summit.
Evan Jones | Nov 30, 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
The dip and recovery by Bitcoin this week means we actually have a fairly even mix of gainers and losers over the past week. Some assets have seen significant gains, especially those in the remittance payment sector of crypto. Here are the biggest gainers from the past week:
- Ripple (XRP), ranked 3rd, followed its enormous 90% gain last week with another 20% gained this week. It is currently trading at just over 65 cents a piece.
- Cardano (ADA), ranked 8th, has followed its massive 43% last week with another 11% gained this week and is now trading at just over 17 cents a piece.
- Stellar (XLM), ranked 14th, has followed its huge 38% gain from last week with another 74% gained this week, our biggest gainer. It is trading at just over 20 cents a piece.
- NEM (XEM), ranked 19th, has gained over 30% and is trading at just over 18 cents a piece.
- Dash (DASH), ranked 25th, has gained just over 25% and is trading around $114.07 a piece.
- Aave (AAVE), ranked 30th, has gained a little over 7% and is trading around $73.99 a piece.
- Revain (REV), ranked 31st, has gained just over 10% and is trading at just over 1 cent a piece.
- Zcash (ZEC), ranked 33rd, has gained over 8% and is trading around $77.15 a piece.
- Kusama (KSM), ranked 47th, has gained over 27% and is trading around $51.54 a piece.
- Zilliqa (ZIL), ranked 55th, has gained over 23% and is trading at just under 3 cents a piece.
Biggest Dollar Decreases
The drop by Bitcoin, even though it has recovered and then some, means that we have quite a few dollar value decreases on the chart this week. Many big assets have lost value this week while some of the decentralized finance assets have taken hits over the past week as well. Here are the biggest dollar value decreases over the past week:
- Chainlink (LINK), ranked 7th, has lost over 5% and is trading around $14.17 a piece.
- Polkadot (DOT), ranked 9th, has lost over 8% and is trading around $5.33 a piece.
- Tezos (XTZ), ranked 18th, has lost almost 4% and is trading around $2.48 a piece.
- Crypto.com Coin (CRO), ranked 20th, the native token of Crypto.com Exchange continues to fall in value, losing another 6%, and is trading at just under 7 cents a piece.
- Waves (WAVES), ranked 36th, has lost just under 10% after gaining 63% last week and is trading at around $7.01 a piece.
- THETA, ranked 38th, has lost just over 8% and is trading at just over 62 cents a piece.
- OMG Network (OMG), ranked 41st, has lost just over 4% and is trading around $3.88 a piece.
- Synthetix (SNX), ranked 42nd, has lost over 11% and is trading around $4.78 a piece.
- Compound (COMP), ranked 44th, has lost just over 12% and is trading around $111.29 a piece.
- UMA, ranked 46th, has lost just over 4% and is trading around $8.11 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. Unlike last week, where apart from stablecoins, nothing in the top 50 had lost Bitcoin value, we have quite a few Bitcoin value losers this week. Here are some of the biggest losers trading for Bitcoin:
- Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 5% trading for Bitcoin but are still worth $1 a piece.
- Litecoin (LTC), ranked 5th, has lost just under 6%.
- Bitcoin SV (BSV), ranked 12th, has lost just under 7%.
- EOS, ranked 13th, has lost over 5%.
- Cosmos (ATOM), ranked 24th, has lost over 6%.
- Uniswap (UNI), ranked 29th, has lost over 7%.
Bitcoin Over $19k, $20k Looming
The drop by Bitcoin in the middle of last week was almost inevitable, but the recovery has likely been better than anyone could have anticipated. After dropping a few thousand dollars into the $16k range, Bitcoin recovered to the point that it is now worth 5% more than it was at the time of writing last week, having made it to $19,850 before finally pulling back to roughly $19,500 at the time of publication. The question of whether it will make the next jump has once again been answered positively, and $20k seems like it is a foregone conclusion.
The next jump by Bitcoin means it continues to eclipse its price at this time last year, well above what it was trading for. On November 30, 2019, Bitcoin was trading at just over $7.5k, so it is over 2.5x higher than it was last year at this time. If you are someone who bought in during that time period or when the pandemic first occurred, you are absolutely raking in profit.
Bitcoin Continues to Beat Traditional Markets
With another 5% gained this week, Bitcoin has beaten the performances of the traditional markets, which have halted their positive gains over the past week and have started to move somewhat sideways. The Dow Jones Industrial Average has lost just over 0.5% while the S&P 500 Index has gained about 0.75% each over the past week, essentially going nowhere over the past week. Bitcoin gaining yet another 5% while the traditional markets have not made any significant movements in either direction is fantastic.