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Price Check: Bitcoin Price Keeps Climbing, Chainlink Explodes

Bitcoin is continuing its ascent, after breaking and maintaining value of over $11k for the past two weeks, and now sitting at over $11.9k, even touching $12k on some markets over the weekend. Chainlink has absolutely exploded up the charts over the past week and a host of other altcoins have had huge weeks as well.

A climber ascends a mountain.

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 staying well into the green over the past 7 days means that there are many winners this week in the top 50. There are a few absolute standouts this week, one of which we already mentioned in the intro. Here are some of the biggest gainers from the past week:

  • Chainlink (LINK), ranked 6th, followed its 22% gain last week with a massive 61% gain over the past week and is now trading at over $13.65 a piece. The explosion saw it move up five spots on the chart.
  • Tezos (XTZ), ranked 13th, has had a big week as well, recovering most of its losses from the past week with a 28% gain. It is now trading at $3.88 a piece.
  • VeChain (VET), ranked 18th, gained over 30% and is now trading at a little over 2 cents a piece.
  • Cosmos (ATOM), ranked 20th, gained over 35% and is now trading at about $5.40 a piece.
  • Aave (LEND), ranked 31st, gained 27% after gaining 31% last week and is now trading at just over 40 cents a piece
  • Compound (COMP), ranked 32nd, saw a huge 42% gain and is now trading at a little over $184 a piece. This follows a 5% loss last week.
  • Algorand (ALGO), ranked 40th, saw a huge 41% gain as well and is now trading at a little over 44 cents a piece
  • THETA, ranked 42nd, gained over 32% and is now trading at a little over 38 cents a piece.
  • Band Protocol (BAND), ranked 44th, is our biggest gainer in the top 50 with an enormous 280%+ gained and is now trading at about $15.76 a piece.
  • Zilliqa (ZIL), ranked 50th, saw a huge 41% gain over the past week and is now trading at a little over 2.5 cents a piece.

Biggest Dollar Decreases

Once again with Bitcoin well into the green this week there were very few losers this week, but there were still some assets that experience significant losses. Here are the biggest dollar value losers from the past week:

  • Ripple (XRP), ranked 3rd, after a big gain last week it has lost just under 5% over the past week and is now trading at just under 30 cents a piece.
  • HedgeTrade (HEDG), ranked 30th, lost just over 10% this week and is now trading at about $1.91 a piece.
  • Ampleforth (AMPL), ranked 57th, has dropped out of the top 50 with another 20% loss this week and is now trading at about 77 cents a piece.

Biggest Losers Trading Against Bitcoin

The same assets in the Biggest Dollar Decreases section are the biggest losers when trading for Bitcoin this week. We still have some notable losers trading for Bitcoin this week as well. Here are some of the biggest losers trading against Bitcoin:

  • Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), True USD (TUSD), Dai (DAI), and all other stablecoins lost about 4-5% in value trading for Bitcoin this week, the inverse of Bitcoin’s value increase. They are still worth $1 but are worth less Bitcoin than they were.
  • Ethereum (ETH), ranked 2nd, has lost a little over 3%.
  • Bitcoin SV (BSV) and Litecoin (LTC), ranked 7th and 8th, respectively, have lost a little over 4% each.
  • Stellar (XLM), ranked 14th, has lost a little over 6%.
  • Ethereum Classic (ETC), ranked 26th, has lost over 8%

Bitcoin Still Rising

Bitcoin continues to rise after its explosion after a down week three weeks ago, with about 5% gained over the last week. It does not look like it will drop back down anytime soon, though that cannot be said with any certainty. In any case it is now trading at over $11.9k and even touched $12k on some markets. If it can break that threshold and stay there it will be a boon for crypto.

Bitcoin is still trading above what it was trading for at this time last year. On August 10, 2019, Bitcoin was trading at just over $11.3k, so it is just about $600 above where it was last year.

Bitcoin Continues Outpacing Traditional Markets

After losing to the traditional markets for 4 weeks straight, Bitcoin continues to run circles around them over the past few weeks. It gained another 5% this week even while the Dow Jones Industrial Average has gained about 3.84% and the S&P 500 Index has gained a little over 1.7%.

It remains to be seen whether Bitcoin will continue to operate separately from the traditional stock markets, but for almost a month now it has been completely decoupled from the movements of the traditional markets. Of course the volatility of Bitcoin could mean that any day now we see a drop back to down to lower levels, but for the moment cryptocurrency holders are likely very happy when looking at their investment portfolios.

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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.