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Price Check: Bitcoin Recovers as Altcoins Rally

Bitcoin has recovered nicely from its rise and fall last week, gaining back close to 10% and now sitting above $36k once again. It seems to be only a matter of time before it gets back to $40k, but for now the hype seems to be somewhat subdued.

Meanwhile, altcoins are making huge moves, many rallying over 50%, in what could be the start of altcoin season now that profits for Bitcoin have been taken by many.

After one of the biggest Bitcoin bull runs in history, is it finally altcoin season?

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’s somewhat steady increase has allowed some altcoins to really make huge strides this week, and we are close to having 2 new assets in the top 5, with Ripple on the fringe of being pushed out.

There are almost no losers this week as well, so this section will be expanded a bit. Here are the biggest gainers from the past week:

  • Polkadot (DOT), ranked 4th, has jumped into the top 5 with a whopping 115% gained over the past week, following a 21% loss the week before. Somehow this is not even the biggest gainer of the week. DOT is now trading around $17.02 a piece.
  • Cardano (ADA), ranked 6th, has gained over 42% and after gaining 15% last week it is trading at over 37 cents a piece. It is on the cusp of overtaking Ripple for the 5th spot by market cap.
  • Chainlink (LINK), ranked 9th, has gained over 55% after losing around 7% last week and is trading around $21.83 a piece.
  • Uniswap (UNI), ranked 17th, has gained over 82% after losing 14% last week and is trading around $9.27 a piece.
  • Aave (AAVE), ranked 19th, has gained over 73% and is trading around $186.04 a piece.
  • Cosmos (ATOM), ranked 25th, has gained over 63% and is trading around $8.84 a piece.
  • Solana (SOL), ranked 40th, has gained just over 41% after gaining 17% last week and is trading around $4.00 a piece.
  • Avalanche (AVAX), ranked 41st, gained over 110% after gaining around 75% last week and is trading around $13.40 a piece.
  • Kusama (KSM), ranked 45th, has gained almost 78% and is trading around $114.29 a piece.
  • SushiSwap (SUSHI), ranked 46th, has gained over 88% and is trading around $7.16 a piece.
  • The Graph (GRT), ranked 49th, is our biggest gainer of the week for the top 50 with a ridiculous 127% gained and is trading around 63 cents a piece.
  • HedgeTrade (HEDG), ranked 54th, gets honorable mention here because it has gained 325% and is trading around $1.79 a piece
  • UMA, ranked 55th, has gained over 40% and is trading around $11.09 a piece.
  • Ren (REN), ranked 58th, has gained over 68% and is trading around 58 cents a piece.

Biggest Dollar Decreases

The steady recovery by Bitcoin over the week has seemingly brought almost all ships up with the tide, the top 50 by market cap only has 1 asset in the red by more than a fractional percentage, and even looking at the top 100 there is not a single other dollar value decrease.

This is a first for the 42 weeks of this column’s writing. Here is the only dollar value decrease:

  • Celsius (CEL), ranked 37th, has lost over 5% after losing 23% last week and is trading around $4.62 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, though it is extremely minimal and solely stablecoins this week, another first. Here are some of the biggest losers trading for Bitcoin:

  • Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 0.2% trading for Bitcoin but are still worth $1 a piece.
  • Dash (DASH), ranked 32nd, has lost around 0.3%.
  • Binance USD (BUSD), ranked 34th, Binance’s issued stablecoin has lost around 8% trading for Bitcoin.

Can Bitcoin Get Back to $40k?

Bitcoin has been steadily gaining back what it lost last week, posting a nearly 10% gain over the past week and growing back to above $36k a piece after dropping down as far as $31k last week.

It seems money from Bitcoin is currently flowing into other assets, especially Decentralized Finance ones, and it may flow back soon. It seems only a matter of time before we are once again talking about Bitcoin being above $40k.

Bitcoin continues to blow its price at this time last year out of the water, as you might expect with an all-time high. On January 18, 2020, Bitcoin was trading at just over $8.9k, so it is over 4x higher than it was last year at this time.

Bitcoin Back to Outperforming

With a little under 10 percent gained this week, Bitcoin gotten right back on track in outperforming the traditional markets after losing out to them last week.

The Dow Jones Industrial Average and S&P 500 Index have both lost around 1% while Bitcoin has gone back up. This is a trend that was occurring for about a month before last week’s seeming aberration when the traditional markets outgained Bitcoin, but we are now back on track.

There seems to no longer be a connection between the markets, as was long speculated on and somewhat proven last year. Bitcoin seems to have no competition at the moment.

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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.