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  • >Price Check: Bitcoin Hits Record $61k Before Cooling Off

Price Check: Bitcoin Hits Record $61k Before Cooling Off

Bitcoin hit a new all-time high over the weekend, reaching $61.6k on March 13, 2021. It hung out over the $60k mark for most of the weekend before falling off over night, and it is now sitting around $57k, which is still a 10% gain from last week. Meanwhile, Non-Fungible Token cryptos have taken off and some have had enormous gains over the past week.

Bitcoin found a brand-new high over the 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 new all-time high for Bitcoin brought up a few assets with it. Overall, its 10% net gain over the past week has given us some big winners and a mostly green chart for the top 50 assets. Here are the biggest gainers from the past week:

  • THETA, ranked 16th, has gained another 46% after gaining 54% last week and is trading around $6.96 a piece.
  • Terra (LUNA), ranked 17th, has gained over 73% after gaining over 50% last week and is trading around $15.74 a piece.
  • VeChain (VET), ranked 18th, has gained about 25% after gaining over 47% last week and is trading at over 7.7 cents a piece.
  • FTX Token (FTT), ranked 23rd, has gained over 33% and is trading around $41.17 a piece.
  • Chiliz (CHZ), ranked 30th, is our biggest gainer of the week with a massive gain of about 270% and is trading around 62 cents a piece.
  • Filecoin (FIL), ranked 33rd, has gained over 32% and is trading around $54.50 a piece.
  • Hedera Hashgraph (HBAR), ranked 35th, is our second biggest gainer of the week with a whopping 137% gained and is trading around 41 cents a piece.
  • Kusama (KSM), ranked 40th, has gained nearly 35% and is trading around $310.23 a piece.
  • Enjin Coin (ENJ), ranked 42nd, has gained over 72% after it gained an enormous 151% last week and is trading around $2.84 a piece.
  • Polygon (MATIC), ranked 48th, has gained a huge 97% and is trading around 41 cents a piece.
  • NEAR Protocol (NEAR), ranked 50th, has gained over 50% and is trading around $6.31 a piece.

Biggest Dollar Decreases

Even with the fairly big gains by Bitcoin over the past week there were quite a few big name cryptos that lost out over the past week. Here are the biggest losers from the past week:

  • Cardano (ADA), ranked 5th, has lost another 7% after losing 13% last week following its rally to an all-time high of $1.48. ADA is trading around $1.04 a piece.
  • Ripple (XRP), ranked 7th, has lost over 7% and is trading around 44 cents a piece.
  • Uniswap (UNI), ranked 8th, has lost nearly 8% and is trading around $30.45 a piece.
  • Chainlink (LINK), ranked 10th, has lost just over 7% and is trading around $27.80 a piece.
  • Stellar (XLM), ranked 13th, has lost just under 7% and is trading around 38 cents a piece.
  • Aave (AAVE), ranked 19th, has lost just over 7% and is trading around $373.30 a piece.
  • NEM (XEM), ranked 32nd, is out biggest loser of the week with over 47% lost and is trading around 36 cents a piece.
  • Tezos (XTZ), ranked 36th, has lost over 11% and is trading around $3.91 a piece.
  • Synthetix (SNX), ranked 46th, has lost just under 10% and is trading around $18.97 a piece.
  • Compound (COMP), ranked 49th, has lost over 7% and is trading around $432.47 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. Here are the biggest losers trading for Bitcoin:

  • IOTA (MIOTA), ranked 27th, has lost almost 2% trading for Bitcoin.
  • Tron (TRX), ranked 28th, has lost just over 4% trading for Bitcoin.
  • Huobi Token (HT), ranked 39th, the native token of Huobi Exchange has lost over 2%.
  • Elrond (EGLD), ranked 43rd, has lost over 5% trading for Bitcoin.
  • The Graph (GRT), ranked 39th, has also lost over 5%.

Can Bitcoin Hold $55k?

Bitcoin jumped up to a new all-time high over the weekend, reaching as high as $61.6k and then trading over $60k for about a day before tumbling down to as far as $55.3k before coming back up to where it is now at $56k or so. Even with the rise and drop, Bitcoin is still up over 10% from this time last week when we were wondering if it could hold $50k. Now the question becomes can it hold $55k?

Now back above $56k, Bitcoin is beyond overshadowing its price from this time last year. On March 8, 2020, Bitcoin was trading at just over $5.3k, so it is over 10x higher than it was last year at this time.

Bitcoin Still Outperforming Traditional Markets

With a nearly 12% gain by Bitcoin this week, it is back to its usual trend of outperforming the traditional markets. The Dow Jones Industrial Average and S&P 500 Index both managed to gain about 3% last week. While this is a good sign for the traditional markets it is an even better sign that Bitcoin continues to outperform them. Crypto investors are looking with high hopes for the future than ever before.

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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.