- >Price Check: Bitcoin Smashes $16,000, Next Stop the Moon?
Price Check: Bitcoin Smashes $16,000, Next Stop the Moon?
Bitcoin continues to take huge strides week over week. Last week, the question was whether the digital asset could get over the $16k threshold after having achieved the previous goal of $15k. It has. Now sitting in the mid $16k range, one has to wonder if the asset will ever slow down. We have a fairly even mix of gainers and losers this week, with many DeFi assets continuing to make big gains.
Evan Jones | Nov 16, 2020
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
Yet another positive week of gains for Bitcoin meant that there were many altcoins also experiencing dollar value gains. Many of these assets are in the Decentralized Finance sector of crypto, and many were big losers over the past month, but Bitcoin’s bull run has brought dollars back into the sector. Here are the biggest gainers from the past week:
- Ripple (XRP), ranked 4th, saw a nice gain of just over 12% and is currently trading at just over 28 cents a piece.
- Litecoin (LTC), ranked 7th, had a very nice gain of over 18% and it is currently trading around $70.51 a piece.
- Uniswap (UNI), ranked 26th, had a big 39% gain over the past week after gaining 19% last week, moving it up 9 spots the market chart. It is currently trading around $3.70.
- Dash (DASH), ranked 27th, has gained nearly 20% over the past week and it is currently trading around $80.95 a piece.
- Aave (AAVE), ranked 28th, gained another 25% after the enormous 84% gain last week. It is currently trading around $66.67 a piece.
- Zcash (ZEC), ranked 32nd, gained just about 11% and is trading around $64.52 a piece.
- Yearn.finance (YFI), ranked 36th, has gained 27% after gaining 45% last week and is trading around $18,662 a piece.
- Waves (WAVES), ranked 38th, is our biggest gainer of the week with over 41% gained after a 15% gain last week. It is trading around $4.92 a piece.
- Compound (COMP, ranked 39th, gained over 27% over the past week and it is trading around $121.70 a piece.
- UMA, ranked 41st, gained just under 17% and is trading around $8.27 a piece.
Biggest Dollar Decreases
The continued gains by Bitcoin this week have resulted in a very green week for the rest of the crypto market, by dollar value at least, we will get to Bitcoin value in a moment. With almost every top 50 asset in the green by dollar value this week there will be few inclusions in this section this week. Here are the biggest dollar value decreases over the past week:
- Bitcoin Cash (BCH), ranked 6th, lost just over 4% this week and is trading around $251.24 a piece.
- Crypto.com Coin (CRO), ranked 19th, the native token of Crypto.com Exchange continued its decline this week with another 9% lost after losing over 12% last week and is trading at just over 6 cents a piece.
- UNUS SED LEO (LEO), ranked 20th, lost just under 3% and is trading around $1.25 a piece.
- Filecoin (FIL), ranked 25th, lost just under 10% in value this week and is currently trading around $28.02 a piece.
- Huobi Token (HT), ranked 29th, the native token of Huobi Exchange has lost just under 3% and is trading around $3.61 a piece.
- Celsius (CEL), ranked 43rd, lost just over 1% and is trading around $1.84 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. As with last week there are many assets that have lost Bitcoin value despite their dollar value increasing. Most of the assets in the top 50 did lose value trading for Bitcoin. 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 7-8% trading for Bitcoin but are still worth $1 a piece.
- Binance Coin (BNB), ranked 8th, the native token of Binance Exchange has lost just over 7% trading for Bitcoin.
- Bitcoin SV (BSV), ranked 11th, lost just over 7%.
- Tezos (XTZ), ranked 18th, has lost over 7%.
- THETA, ranked 35th, has lost just over 7%.
- Maker (MKR), ranked 37th, has lost just under 8%.
Bitcoin Over 16k
The question of whether Bitcoin could continue its momentum after the election and move above the $16k threshold was answered over the past week, with Bitcoin gaining almost 10% and currently trading at just under $16.5k. Now the question is will it pass $17k? Will it stop there? We are approaching the numbers we saw in the crypto bubble in 2017.
The jump by Bitcoin means it continues to eclipse its price at this time last year, well above what it was trading for. On November 16, 2019, Bitcoin was trading at just over $8.5k, so it is just under $8,000 above where it was last year. Anyone who bought in a year ago has ostensibly doubled their money.
Bitcoin Continues to Beat Rebounding Traditional Markets
With another 10% gained this week, Bitcoin has beaten the performances of the traditional markets, which continue to rebound following the election results. The Dow Jones Industrial Average and the S&P 500 Index have gained about 2% each over the past week, continuing their rebound after they lost value over the weeks leading into the election. Bitcoin gaining another 10% even while the traditional markets have seen positive gains is nothing short of fantastic.