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  • >Price Check: Bitcoin Price Dips But Immediately Corrects

Price Check: Bitcoin Price Dips But Immediately Corrects

Bitcoin had one of its typical bouts of volatility this week, dropping down as far as below $18k before quickly rebounding and now once again sitting over $19k. This is a fantastic sign for Bitcoin, and hopefully a sign of further upward momentum on the horizon. Altcoins did not fare so well this week however, with almost the entire top 50 in red. That said we had some good gainers mixed in with all the losers.

Bitcoin has been steady for the last few weeks.

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 overall lack of movement by Bitcoin over the past week combined with the period when it dipped resulted in a somewhat red market chart, even the king itself lost a small fraction of value. As such is the case, some assets have seen significant gains, while others did not perform so well, and we will look beyond the top 50 this week. Here are the biggest gainers from the past week:

  • Binance Coin (BNB), ranked 10th, gained a little over 1% and the native token of Binance Exchange is now trading around $29.88 a piece.
  • Monero (XMR), ranked 14th, has gained just under 10% after gaining over 12% last week and is trading around $156.45 a piece.
  • NEM (XEM), ranked 17th, has gained 2% after gaining almost 30% last week and is trading at just over 24 cents a piece.
  • THETA, ranked 35th, has gained just under 12% after gaining 9% last week and is trading at just under 76 cents a piece.
  • Compound (COMP), ranked 38th, has gained under 11% after gaining just over 26% last week and is trading around $157.09 a piece.
  • Maker (MKR), ranked 42nd, had gained just under 4% and is trading around $534.27 a piece.
  • Nexo (NEXO), ranked 57th, has gained over 17% and is trading at over 51 cents a piece.
  • Elrond (EGLD), ranked 59th, has gained a whopping 46% and is our biggest gainer of the week. It is trading around $19.35 a piece.

Biggest Dollar Decreases

As mentioned in the Increases section, there were quite a few assets that lost value this week, in fact most of the market was actually in the red. Many of the biggest gainers from last week are now some of the biggest losers this week, as is the norm in crypto. Here are the biggest dollar value decreases over the past week:

  • Ripple (XRP), ranked 3rd, is our biggest loser of the week, having lost over 19% after losing over 7% last week and is trading at just over 49 cents a piece.
  • Bitcoin SV (BSV), ranked 13th, lost just over 9% and is trading around $185.38 a piece.
  • VeChain (VET), ranked 26th, lost just over 9% after gaining over 15% last week and is trading at just over 1.6 cents a piece.
  • Aave (AAVE), ranked 27th, has lost over 11% after gaining over 24% last week and is trading around $83.07 a piece.
  • Dash (DASH), ranked 29th, has lost almost 7% after losing 10% last week and is trading around $95.50 a piece.
  • Uniswap (UNI), ranked 31st, has lost almost 12% and is trading around $3.30 a piece.
  • IOTA (MIOTA), ranked 32nd, lost over 11% after it lost almost 9% last week and is trading at just over 29 cents a piece.
  • Yearn.finance (YFI), ranked 34th, has lost over 12% after gaining 10% last week and is trading around $25,594 a piece.
  • Zcash (ZEC), ranked 26th, has lost over 10% and is trading around $66.31 a piece.
  • OMG Network (OMG), ranked 43rd, has lost over 12% and is trading around $3.19 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. Here are some of the biggest losers trading for Bitcoin:

  • Bitcoin Cash (BCH), ranked 6th, has lost just under 6% trading for Bitcoin
  • EOS, ranked 15th, lost over 5% trading for Bitcoin.
  • Tron (TRX), ranked 18th, has lost over 5% as well.
  • Waves (WAVES), ranked 30th, has lost over 5% after being a big gainer last week.
  • Ontology (ONT), ranked 48th, has lost over 8%.
  • Zilliqa (ZIL), ranked 51st, has lost just under 10%.

Bitcoin Stuck Below $20k?

Bitcoin did its usual dance this week, dropping down as far as the high $17k range before steadily climbing back up over $19k in somewhat short order. Overall, the giant has lost about half a percent over the past week, nothing to be concerned about. The question is now will it stay above $19k? And if so, will we see $20k Bitcoin for 2021?

Bitcoin blows its price at this time last year out of the water, well above what it was trading for. On December 7, 2019, Bitcoin was trading at just over $7.1k, so it is over 2.5x higher than it was last year at this time. Hopefully you bought on that little dip this week.

Bitcoin and Traditional Markets Don’t Do Much

With a half percent loss this week, Bitcoin has lost compared to the performances of the traditional markets, which have had very small positive gains and very small losses over the past week. Overall, none of the three markets did much once the week had ended. The Dow Jones Industrial Average has gained just over 0.5% while the S&P 500 Index has lost just over 0.4% over the past week. Bitcoin moving sideways while the traditional markets do as well is nothing of note. We will see what happens as the new year approaches.

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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.