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  • >Price Check: Bitcoin on the Rebound? Ethereum Looks Extremely Strong

Price Check: Bitcoin on the Rebound? Ethereum Looks Extremely Strong

Bitcoin likely gave more than a few people sweaty palms over the last week, as the king of crypto dipped pretty far down into the low $47k range, likely liquidating a lot of people positions. But the king is resilient and quickly found support, bouncing back to about $53k where it sits today. It’s still down from two weeks ago but it’s a step in the right direction.

While Bitcoin dipped, Ethereum held quite strong, as did Binance, both of them and a lot of their Decentralized Finance app tokens having great showings over the past week.

Is Bitcoin poised for a huge comeback and a potential run up to new all-time highs?

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 100 by market capitalization. The fast growth of the crypto and blockchain industry in 2021 means that there are more assets than ever that deserve attention and are experiencing notable gains and losses.

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 by Bitcoin allowed other asset to begin moving back up, many of them in the Decentralized Finance sector, with assets on both the Ethereum and Binance blockchains seeing very nice gains over the past week.

Here are the biggest dollar increases of the past week:

  • Ethereum (ETH), ranked 2nd, has gained about 15% and it is trading at just under $2.5k a piece.
  • Binance Coin (BNB), ranked 3rd, has gained just about 6% after losing 15% last week and is trading around $534.50 a piece.
  • Uniswap (UNI), ranked 9th, has gained over 16% after losing over 10% last week and is trading around $35.53 a piece.
  • Solana (SOL), ranked 13th, has gained over 50% after gaining 10% last week and is trading around $47 a piece. Second biggest gain in the top 50.
  • Monero (XMR), ranked 22nd, has gained over 15% and is trading around $374.99 a piece.
  • Terra (LUNA), ranked 23rd, has gained just under 20% and it is trading around $17.74 a piece.
  • PancakeSwap (CAKE), ranked 27th, has gained over 41% and is trading around $32.65 a piece. The Binance alternative to UNI is the third biggest gainer in the top 50.
  • Aave (AAVE), ranked 29th, has gained a little over 10% and it is trading around $396.43 a piece.
  • Maker (MKR), ranked 35th, has gained about 17% after gaining 35% last week and is trading around $3,961.16 a piece.
  • Compound (COMP), ranked 43rd, has gained just about 35% and it is trading around $621.16 a piece.
  • Polygon (MATIC), ranked 49th, has gained over 55% and is trading at just over 52 cents a piece. Biggest gainer in the top 50 and 100.
  • Waves (WAVES), ranked 66th, has gained just about 35% and it is trading around $16.97 a piece.
  • Horizen (ZEN), ranked 75th, has gained over 29% after gaining 23% last week and is trading around $124.16 a piece.
  • Harmony (ONE), ranked 77th, has gained just over 20% and it is trading around 14 cents a piece.
  • Celo (CELO), ranked 80th, has gained almost 44% and is trading around $5.79 a piece.
  • Arweave (AR), ranked 91st, has gained just under 18% and is trading around $30.11 a piece.

Biggest Dollar Decreases

With Bitcoin only starting to recover over the past day or so, there are a lot of assets in the red over the past week. A lot of these assets were the biggest gainers last week when Bitcoin first dipped. Here are the biggest losers from the past week:

  • Dogecoin (DOGE), ranked 7th, the memecoin has lost almost 25% after gaining a ridiculous 420% last week and is trading around 27 cents a piece.
  • VeChain (VET), ranked 14th, has lost about 20% after gaining 73% last week and is trading around 18.6 cents a piece.
  • Tron (TRX), ranked 20th, has lost 14% and it is trading around 11 cents a piece.
  • Neo (NEO), ranked 24th, has lost almost 20% after gaining almost 70% last week and is trading around $87.22 a piece.
  • EOS, ranked 27th, has lost just under 15% and it is trading around $5.64 a piece.
  • Bitcoin SV (BSV), ranked 30th, has lost a little over 14% after gaining 13% last week and is trading around $261 a piece.
  • Tezos (XTZ), ranked 35th, has lost over 11% after losing 10% last week and is trading around $5.14 a piece.
  • NEM (XEM), ranked 48th, has lost just under 20% and it is trading around 30 cents a piece.
  • Holo (HOT), ranked 56th, has lost just under 20% after losing 16% last week and is trading at just about 1.3 cents a piece.
  • Siacoin (SC), ranked 68th, has lost just under 20% after gaining over 51% last week and is trading around 3.4 cents a piece.
  • Qtum (QTUM), ranked 77th, has lost over 27% after gaining 16% last week and is trading around $13.35 a piece.
  • Ontology (ONT), ranked 79th, has lost almost 28% after gaining 12% last week and is trading around $1.54 a piece.
  • Nano (NANO), ranked 89th, has lost over 16% after gaining over 60% last week and is trading around $7.90 a piece.
  • IOST, ranked 98th, has lost 24% after gaining over 20% last week and is trading around 5 cents a piece.

Bitcoin Back on Track?

Bitcoin fell as far as the low $47k range this week, and is down a little under 5% from where it was at the start of last week, but hopefully the dip was just a test of the support levels, and the quick bounce means we may be through the dip, at least this one. It would be good for Bitcoin to move sideways for a while, if not slowly creep back towards $55k and then $60k, as a volatile move up would probably lead to another dip like this one.

Bitcoin is currently trading at about $53.5k, still beyond overshadowing its price from this time last year. On April 26, 2020, Bitcoin was trading at just over $7.6k, so it is about 7x higher than it was last year at this time.

Bitcoin Still Down, Traditional Markets Stagnant

With a loss of a little under 3% by Bitcoin this week, it is still down compared to the traditional markets, though they did not do much either.

The Dow Jones Industrial Average lost a little under 1% over the past week and the S&P 500 Index gained a under 1%, meaning that while Bitcoin did not exactly outperform them, they did not do much either.

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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.