- >Price Check: Bitcoin Smashes Past $12,000, Altcoins Explode
Price Check: Bitcoin Smashes Past $12,000, Altcoins Explode
Bitcoin is still rising and — after breaking and maintaining value of over $11k for the past three weeks — the undisputed king of crypto has cracked the $12k barrier and is now sitting at about $12.3k. A host of altcoins also had very big weeks including Chainlink, Tron and a bunch of Decentralized Finance (DeFi) assets that helped push Ethereum prices higher and higher.
Evan Jones | Oct 13, 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
Bitcoin continuing to rise into the green over the past 7 days means that there are many winners this week in the top 50. There are quite a few standouts this week, a couple of which were mentioned in the intro. Here are some of the biggest gainers from the past week:
- Chainlink (LINK), ranked 5th, followed its massive 61% gain last week with another 38% gained this week and is now trading at over $18.65 a piece. It is now in the top 5 assets by market cap for the first time ever.
- Ethereum (ETH), ranked 2nd, saw another 11% gained this week and is now trading at over $440. A lot of this is due to increasingly high network fees pushing the price of the asset up as more and more users need increasing amounts of ETH to pay network fees. Some think this may be unsustainable long-term.
- EOS, ranked 10th, has gained just under 20% this week and is now $3.80 a piece.
- Tron (TRX), ranked 15th, has had a big gain of 36% this week and is now just under 3 cents a piece.
- Aave (LEND), ranked 28th, gained 34% after gaining 27% last week and is now trading at just over 53 cents a piece.
- Synthetix Network Token (SNX), ranked 31st, has gained 30% and is now worth $6.34 a piece.
- Waves (WAVES), ranked 37th, is the biggest gainer this week with an enormous 122% gain and is now trading at around $4.42 a piece.
- Algorand (ALGO), ranked 39th, saw a big 31% gain as well and is now trading at a little under 60 cents a piece
- OMG Network (OMG), ranked 43rd, saw a massive 56% gain and is trading at $2.81 a piece.
- Ren (REN), ranked 44th, also saw a massive gain with 52% and is now trading at just under 42 cents a piece.
Biggest Dollar Decreases
With Bitcoin holding strong in the green this week there were very, very few losers this week, but there were still some assets that experienced significant losses. Here are the biggest dollar value losers from the past week:
- VeChain (VET), ranked 22nd, lost a little over 5% and is now trading ad just over 2 cents a piece.
- Band Protocol (BAND), ranked 51st and the biggest gainer last week, lost 11% this week and is now trading at just under $14 a piece.
- Elrond (ERD), ranked 53rd, lost 16% this week and is now trading at just under 2 cents a piece.
Biggest Losers Trading Against Bitcoin
The same assets in the Biggest Dollar Decreases section are the biggest losers when trading for Bitcoin this week. We still have some notable losers trading for Bitcoin this week as well. Here are some of the biggest losers trading against Bitcoin:
- Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), True USD (TUSD), Dai (DAI), and all other stablecoins lost about 3-4% in value trading for Bitcoin this week, the inverse of Bitcoin’s value increase. They are still worth $1 but are worth less Bitcoin than they were.
- Bitcoin SV (BSV), ranked 8th, lost just over 3%.
- Cardano (ADA), ranked 9th, lost just under 5%.
- Monero (XMR), ranked 16th, lost 3.5%.
- Zcash (ZEC), ranked 26th, lost just over 6%.
Bitcoin Still Rising
Bitcoin just keeps on rising after its explosion a couple weeks ago, with about 3.5% gained over the last week. It does not look like it will drop back down anytime soon, though that cannot be said with any certainty. Last week we wondered if it might crack the $12k threshold and we have our answer with it currently sitting at just about $12.3k. All holders have to be extremely pleased with the current run that Bitcoin is on.
Bitcoin continues to trade above what it was trading for at this time last year. On August 17, 2019, Bitcoin was trading at just over $10.2k, so it is just about $2,000 above where it was last year.
Bitcoin Continues to Outpace Traditional Markets
Bitcoin is still head and shoulders above the traditional markets over the past week. With its 3.5% gain it is firmly ahead of the Dow Jones Industrial Average which has gained about 0.3% and the S&P 500 Index which has gained a little over 0.7%.
Bitcoin continues to operate separately from the traditional stock markets, for over a month now it has been completely decoupled from the movements of the traditional markets. The ever-present volatility of Bitcoin could change this in an instant. That being said, Bitcoin’s current standing as a store of value is extremely apparent as it maintains and gains value while traditional markets struggle to hold their current values.