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Price Check: Bitcoin Rangebound for Another Week, Is Breakout Coming?

Bitcoin did not really do much of anything over the past week, rising and falling as it normally does but now still sitting in the $57k range where it was a week ago. Many other assets have had poor performances over the past week, but there are still some altcoins that have made a ton of noise.

Is Bitcoin rangebound these days?

While the uncertainty about the direction Bitcoin is going to go next in the short term runs rampant, one thing that is a constant is this weekly segment, where we are now celebrating one year of Price Checks on CryptoVantage. Thanks for reading!

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 continued stand still for Bitcoin has given some altcoins the chance to gain traction while the king figures out whether he wants to rise or fall. Many of these assets are repeats from last week, and those that took positions on some of these are definitely having good weeks. Here are the biggest gainers from the past week:

  • THETA, ranked 9th, has gained another 27% after gaining 52% last week and is trading around $13.57 a piece. It has seen an incredible leap in price over the past month.
  • Klaytn (KLAY), ranked 13th, has gained over 32% ad is trading for about $4 a piece.
  • Filecoin (FIL), ranked 17th, has gained nearly 60% after gaining 46% last week and is trading around $126.55 a piece. Filecoin is the biggest gainer of the week for the top 50.
  • Solana (SOL), ranked 22nd, has gained over 15% and is trading around $18.15 a piece.
  • Kusama (KSM), ranked 23rd, has gained over 23% after gaining over 42% last week and is trading around $542.86 a piece.
  • BitTorrent (BTT), ranked 32nd, followed up last week’s 110% gain with another 9% gain this week and is now trading at nearly 4 tenths of a cent a piece.
  • Hedera Hashgraph (HBAR), ranked 39th, has gained nearly 20% after losing 16% last week and is trading around 40 cents a piece.
  • PancakeSwap (CAKE), ranked 43rd, has gained just under 50% and is trading around $17.09 a piece.
  • Theta Fuel (TFUEL), ranked 45th, has gained just over 19% and is trading around 42 cents a piece.
  • Enjin Coin (ENJ), ranked 50th, has gained just under 10% after losing 20% last week and is trading around $2.48 a piece.
  • Holo (HOT), ranked 55th, has gained over 62% and is our biggest gainer of the week. HOT is now trading around 1.2 cents a piece.

Biggest Dollar Decreases

As is the case with the crypto market, a lot of this week’s big decreases are assets that made nice gains last week, though there are a couple repeat appearances as well. Here are the biggest losers from the past week:

  • Polkadot (DOT), ranked 6th, has lost over 8% and is trading around $34.14 a piece.
  • Uniswap (UNI), ranked 8th, has lost 15% after gaining 12% last week and is trading around $29 a piece
  • Chainlink (LINK), ranked 11th, has lost over 5% and is trading around $27.68 a piece.
  • Terra (LUNA), ranked 18th, has lost over 10% after gaining 36% last week and is trading around $19.13 a piece.
  • Dogecoin (DOGE), ranked 19th, has lost over 5% and is trading around 5 cents a piece.
  • VeChain (VET), ranked 20th, has lost over 5% after gaining 25% last week and is trading around 9 cents a piece.
  • Coin (CRO), ranked 21st, the native token of Exchange has lost just under 4% and is trading around 22 cents a piece.
  • Avalanche (AVAX), ranked 31st, has lost just under 9% and is trading around $29.39 a piece.
  • SushiSwap (SUSHI), ranked 52nd, has lost about 17% after losing 7% last week and is trading around $15.56 a piece.
  • Synthetix (SNX), ranked 54th, has lost over 12% and is trading around $17.17 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:

Will Bitcoin Break Loose?

Bitcoin still seems to be unable to crack the $60k threshold for the time being, dropping as low as the low $50k range over the past week before it made its way back to where it began the week at. It is anyone’s guess where Bitcoin will go in the short term, but if it is able to break through the barrier that is $60k and stay there, it may go on one of its patented runs where the price goes crazy volatile.

Currently trading around $57k, Bitcoin is beyond overshadowing its price from this time last year. On March 29, 2020, Bitcoin was trading at just over $5.9k, so it is almost 10x higher than it was last year at this time.

Bitcoin Continues Outperforming Traditional Markets

With just under 1% gained by Bitcoin this week, it is continuing the trend of outperforming the traditional markets, or at the very least, matching them. The Dow Jones Industrial Average and S&P 500 Index both gained under a percent last week, as did Bitcoin.

Even though it was not able to post significant gains over the past week, Bitcoin was still able to stay in step with the traditional markets, and overall, it is drastically outperforming them over the course of the year.

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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.

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