- >Price Check: Bitcoin Posts Impressive Comeback, Cardano Spikes
Price Check: Bitcoin Posts Impressive Comeback, Cardano Spikes
In true Bitcoin form, the king of crypto has bounced back after a down week that left nearly the whole market in the red last week. The volatile asset is approaching $11k again, sitting at just about $10.9k as this is typed. With its ascent back into the green, the entire crypto market top 50 has seen a reversal of fortune from last week, with only two assets in the red. Cardano, along with a host of other altcoins have seen very nice gains over the past week.
Evan Jones | Oct 14, 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
Bitcoin back on the rise means that there are a lot of winners this week. Many assets are experiencing gains much greater than Bitcoin itself has. The volatility of the cryptocurrency market has been in full effect over the past two weeks, as last week we had to look well outside the top 50 to find gainers, whereas this week they are everywhere. Here are the biggest gainers from the past week:
- Binance Coin (BNB), ranked 6th, has gained about 17% this week. The native token of Binance Exchange is trading at $27.26 after losing 30% last week.
- Chainlink (LINK), ranked 8th, has gained back 22% after losing 30% last week and is trading at $10.66.
- Cardano (ADA), ranked 9th, is our biggest gainer in the top 25, with a 31% gain. It is now trading at just over 10 cents a piece.
- Bitcoin SV (BSV), ranked 10th, has gained just under 20% and is trading around $173 a piece.
- Tezos (XTZ), ranked 16th, has gained 20% this week after losing 26% last week and is trading at $2.37 a piece.
- Cosmos (ATOM), ranked 22nd, has gained 21% after losing 24% last week and is trading at $4.98 a piece.
- Yearn.finance (YFI), ranked 26th, has gained 32% this week after losing 44% last week. It is trading at about $29,764 a piece.
- THETA, ranked 32nd, has gained 31% this week and is trading at just over 71 cents a piece.
- OMG Network (OMG), ranked 35th, is our biggest gainer in the top 50 with over 54% gained. It is trading at $4 a piece.
- Synthetix Network Token (SNX), ranked 37th, also recovered from its loss last week with 39% gained and is trading around $5.10 a piece.
Biggest Dollar Decreases
The rebound by Bitcoin over the past week has had a positive effect on the whole crypto market, with there being almost no assets in the red for dollar value over the past week. In fact there are only two assets in the red in the top 50 so we will expand a bit this week. Here are the biggest dollar value decreases from the past week:
- UMA, ranked 34th, lost just under 4% this week and is trading around $10.30 a piece.
- DigiByte (DGB), ranked 49th, was the biggest loser over the past week in the top 50 after being the biggest gainer last week. It has lost about 12% and is trading around 2 cents a piece.
- Celo (CELO), ranked 53rd, has lost 15% and is trading around $2.37 a piece.
- Loopring (LRC), ranked 54th, has lost just under 8% and is trading at just over 21 cents a piece.
Biggest Losers Trading Against Bitcoin
The assets in the biggest dollar decrease section are the biggest losers of Bitcoin value, there are still assets that have gained dollar value due to Bitcoin’s recovery but have lost value against Bitcoin. Here are some of the biggest loser trading for Bitcoin:
- Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 4% trading for Bitcoin but are still worth $1 a piece.
- Crypto.com Coin (CRO), ranked 11th, the native token of Crypto.com Exchange has lost just under 2% trading for Bitcoin.
- EOS, ranked 14th, has lost a modest 0.1% trading for Bitcoin.
- Neo (NEO), ranked 19th, has lost just under 1%.
- UNUS SED LEO (LEO), ranked 20th, has lost just under 2% after being one of the only gainers last week.
- Huobi Token (HT), ranked 24th, the native token of Huobi Exchange has lost just under 3%.
Bitcoin Approaching $11k Again
After a 3% loss last week which had Bitcoin trending back towards the ever important $10k threshold, it has recovered nicely with a nearly 5% gain that has it approaching $11k once again. Currently sitting at just about $10.9k, Bitcoin has done well to recoup its losses and then some over the past week. Cracking $11k seems like a distinct possibility at this point.
Bitcoin is absolutely crushing its price at this time last year, well above what it was trading for. On September 28, 2019, Bitcoin was trading at just over $8.2k, so it is just about $2,700 above where it was last year.
Bitcoin Recovery Outperforms Traditional Markets’
With its nearly 5% gain this week, a nice recovery from its loss last week, Bitcoin has outperformed the traditional markets, which have recovered slightly from their down weeks as well. Bitcoin has more than doubled the gains of the Dow Jones Industrial Average and the S&P 500 Index this week, which have gained 2% and 2.2%, respectively.
As usual, this is a trend that cryptocurrency pundits hope will continue. Even if the movement of the traditional markets and crypto markets seem to be in the same direction every week, crypto is losing less and gaining more.