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Price Check: Bitcoin Smashes $13,000 Barrier as Bullish Trends Continue

Speculation as to whether Bitcoin would make it over the $12k threshold were quickly put to bed last week, as it went above and beyond, reaching over $13k for a couple days before falling back below the mark. It is now sitting around $12.9k. It is a significant gain for the king of crypto. Like last week, Bitcoin has somewhat moved alone, and so we have quite a few assets that have gained and quite a few that have lost.

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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

As with last week, despite Bitcoin’s significant increase, there are actually only about 20 assets in the top 50 with positive dollar gains over the past week. Bitcoin tends to raise almost all assets when it has a positive week, but this is not the case over the past two weeks. Here are the biggest gainers from the past week:

  • Chainlink (LINK), ranked 6th, gained about 4.6% and is trading around $11.46 a piece.
  • Polkadot (DOT), ranked 8th, has gained 12% after losing 7% last week and it is now trading around $4.55 a piece.
  • Litecoin (LTC), ranked 9th, has had a nice 15% gain over the past week, the biggest gain in the top 50, and is now trading around $55.79 a piece.
  • Bitcoin SV (BSV), ranked 10th, has gained nearly 8% after losing 6% last week and is trading around $172.77 a piece.
  • Wrapped Bitcoin (WBTC), ranked 19th, has gained nearly 10%, the tokenized version of Bitcoin used for DeFi on Ethereum follows the same price movements as the real asset.
  • UNUS SED LEO (LEO), ranked 20th, saw a 4% gain after gaining 2.5% last week and is trading around $1.27 a piece.
  • Filecoin (FIL), ranked 28th, followed its a huge 19% gain from last week with another 5% gained and is trading around $34.18 a piece.
  • Ethereum Classic (ETC), ranked 32nd, gained 4% and is trading around $5.51 a piece.
  • FTX Token (FTT), ranked 43rd, has gained 6% and is trading around $3.86 a piece.
  • Waves (WAVES), ranked 46th, saw a very nice 22% gain last week and followed it with another 5% gain this week. It is trading at $3.11 a piece.

Biggest Dollar Decreases

The big gains by Bitcoin this week have resulted in a surprisingly red week for the crypto market, as with last week. With almost 30 of the top 50 assets in the red this week there will be quite a few inclusions in this section this week. Here are the biggest dollar value decreases over the past week:

  • Cardano (ADA), ranked 11th, has lost 7% and is trading at just over 10 cents a piece.
  • Crypto.com Coin (CRO), ranked 15th, the native token of Crypto.com Exchange continued its decline this week with another 14% lost after losing over 28% last week and is trading at just over 9 cents a piece.
  • Tezos (XTZ), ranked 18th, lost almost 10% and is trading around $2.07 a piece.
  • Cosmos (ATOM), ranked 22nd, lost over 11% and is trading around $5.01 a piece.
  • NEM (XEM), ranked 25th, lost over 12% and is trading at just under 10 cents a piece.
  • Zcash (ZEC), ranked 30th, lost 12% this week after losing 10% last week and is trading around $59.24.
  • Uniswap (UNI), ranked 25th, lost over 18% and is trading around $2.63 a piece.
  • UMA, ranked 27th, lost just under 15% and is trading around $7.45 a piece.
  • Yearn.finance (YFI), ranked 39th, continued its decline with another 8% lost this week after 11% last week. It is trading around $13,516 a piece.
  • Ontology (ONT), ranked 40th, lost over 11% and is trading at just over 51 cents a piece.
  • Synthetix Network Token (SNX), ranked 42nd, lost 8% after losing 8% last week as well and is trading around $3.58 a piece.
  • ABBC Coin (ABBC), ranked 44th, is our biggest loser this week with a 20% loss after gaining 75% last week. It is trading around 51 cents 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 a lot of other assets that have lost value trading for Bitcoin. As with last week, apart from the most significant gainers in the increases section, almost every asset lost value trading for Bitcoin. Here are some of the biggest loser trading for Bitcoin:

  • Ethereum (ETH), ranked 2nd, has lost over 7% trading for Bitcoin.
  • Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 9% trading for Bitcoin but are still worth $1 a piece.
  • Ripple (XRP), ranked 4th, has lost just over 9%.
  • Stellar (XLM), ranked 17th, has lost over 14%.
  • Neo (NEO), ranked 21st, has lost almost 13%.
  • OMG Network (OMG), ranked 36th, has lost 17%.
  • Compound (COMP), ranked 29th, has lost over 13%.
  • Aave (AAVE), ranked 41st, has lost over 13%.
  • Algorand (ALGO), ranked 47th, lost over 16%.

Bitcoin Breaks $13k 

After Bitcoin had a nearly 10% gain over the past week, making it three weeks straight of positive gains. It has creeped over $13k a couple times but seems to be settling around $12.9k for the moment. The question last week was whether it could break $12k threshold, which is did and then some. Now the question will be if it can get back over $13k and stay there.

Bitcoin continues to eclipse its price at this time last year, well above what it was trading for. On October 26, 2019, Bitcoin was trading at just over $9.5k, so it is just about $3,500 above where it was last year.

Bitcoin Beats Traditional Markets

With its nearly 10% gain this week, Bitcoin has crushed the performances of the traditional markets, which continued their downward trends amidst economic uncertainty in the US. The Dow Jones Industrial Average and the S&P 500 Index have lost about 2.7% and 1.7%, respectively. They lost a little over 1% each last week. Bitcoin gaining 10% while the traditional markets have been losing may cause some more bullish movement for the digital gold asset.

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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.