- >Price Check: Bitcoin Retakes $50,000, Will it Stick This Time?
Price Check: Bitcoin Retakes $50,000, Will it Stick This Time?
Bitcoin took almost the whole week to do it, but the king of crypto has made it back over the $50k threshold and is now sitting above $51k. Whether it can stay over the threshold of $50k will be the biggest thing to watch this week. The possibility for it to jump either way always seems to be looming.
Evan Jones | Mar 8, 2021
Meanwhile, scaling news has Ethereum and a bunch of Decentralized Finance assets making moves in a fairly green week for the crypto market. Cardano has settled back down after its giant week last week and looks to be in an accumulation phase.
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 slow rise for Bitcoin has allowed many altcoins to have good weeks. News of scaling coming to Ethereum seems to be pushing it and many of the DeFi assets on the blockchain up the charts. Here are the biggest gainers from the past week:
- Ethereum (ETH), ranked 2nd, has gained 16% over the past week after losing 10% last week, news of upcoming rollups possibly pushing the asset. ETH is currently trading around $1,772 a piece
- Uniswap (UNI), ranked 8th, has gained almost 40% and is now trading around $33.29 a piece.
- Chainlink (LINK), ranked 9th. Has gained over 18% after being a big loser last week and is now trading around $31.18 a piece.
- Dogecoin (DOGE), ranked 14th, continues to defy the odds and has gained almost 15%, currently trading around 5.7 cents a piece.
- Aave (AAVE), ranked 17th, has gained over 15% and is trading around $423.91 a piece.
- THETA, ranked 18th, has gained a huge 54% and is trading around $4.96 a piece.
- VeChain (VET), ranked 19th, has gained over 47% and is trading at over 6 cents a piece.
- Terra (LUNA), ranked 24th, has gained over 50% after losing 12% last week and is trading around $9.15 a piece.
- Tezos (XTZ), ranked 29th, has gained over 23% after being a big loser last week and is trading around $4.39 a piece.
- UMA, ranked 48th, has gained nearly 38% and is trading around $27.66 a piece.
- Yearn.finance (YFI), ranked 51st, has gained over 16% and is trading around $39,086 a piece.
- Enjin Coin (ENJ), ranked 52nd, is our biggest gainer of the week with over 151% gained and is trading around $1.70 a piece.
Biggest Dollar Decreases
The gains of Bitcoin have resulted in very few assets in the red this week, most of them were the biggest gainers last week while everything else was red, volatility which seems typical for the crypto world. Here are the biggest losers from the past week:
- Binance Coin (BNB), ranked 4th, has lost just over 4%. The native token of Binance Exchange and their chain, BNB is trading around $235.85 a piece.
- Cardano (ADA), ranked 5th, has lost 13% after gaining over 30% last week, and has dropped back to 5th overall after rising to 3rd. ADA is trading around $1.12 a piece.
- Monero (XMR), ranked 21st, has lost just over 2% and is trading around $215.48 a piece.
- Solana (SOL), ranked 27th, has lost over 7% after gaining over 50% last week and is trading around $13.72 a piece.
- UNUS SED LEO (LEO), ranked 46th, has lost over 8% after gaining over 40% last week and is trading around $1.92 a piece.
- PancakeSwap (CAKE), ranked 49th, has lsot over 7% after losing over 14% last week and is trading around $11.40 a piece.d
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:
- Dai (DAI), ranked 35th, has lost over 5% trading for Bitcoin.
- Synthetix (SNX), ranked 37th, has lost over 1.5%.
- The Graph (GRT), ranked 39th, has also lost over 1.5%.
- Compound (COMP), ranked 40th, has lost just under 6%.
Can Bitcoin Hold $50k?
Bitcoin took a while but has gotten back over the crucial $50k threshold with a nearly 6% gain over the past week, and now sitting at $51.4k. It remains to be seen whether it will hold around there for a while, drop off below the threshold again, or take off on a run. That’s the fun of crypto!
Now back above $51k, Bitcoin is beyond eclipsing its price from this time last year. On March 8, 2020, Bitcoin was trading at just over $8.1k, so it is over 6x higher than it was last year at this time.
Bitcoin Back to Outperforming Traditional Markets
With a nearly 6% gain by Bitcoin this week, it is back to its usual trend of outperforming the traditional markets.
The Dow Jones Industrial Average managed to gain a little over 1.5%, while the S&P 500 Index lost about the same amount. This is a trend that has seemingly gone on for the entire year, the traditional markets have barely seen 5-6% gains over the past three months while Bitcoin has gained over 174% in that time. Crypto investors everywhere are pleased with this trend I am sure.