- >Price Check: Bitcoin Soars Past $15,000 Amidst Election Uncertainty
Price Check: Bitcoin Soars Past $15,000 Amidst Election Uncertainty
Bitcoin has taken another huge step forward over the past week. Last week, the question was whether the digital asset could get over the $14k threshold after reaching the upper range of $13k earlier in the week. Not only did it break the $14k threshold, it kept going and is now sitting comfortably around $15.3k. Unlike past weeks, the jump was enough that almost every other asset saw a value increase, with DeFi assets taking big leaps this week.
Evan Jones | Nov 11, 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
Unlike last week, where Bitcoin’s significant increase did not positively affect the rest of the market, this week there are only a handful of assets in the top 50 with negative dollar gains. This is because Bitcoin’s gain was significant enough to cover over almost any value loss altcoins may have experienced. Here are the biggest gainers from the past week:
- Ethereum (ETH), ranked 2nd, has gained over 15% and is trading around $444.75 a piece.
- Chainlink (LINK), ranked 5th, had gained just over 16% and is trading around $12.60 a piece.
- Cardano (ADA), ranked 10th, has gained just under 14% and is trading around 10 cents a piece.
- NEM (XEM), ranked 21st, has gained just under 25% and is trading at just over 12 cents a piece.
- Aave (AAVE), ranked 30th, is our biggest gainer of the week with an enormous 84% gained after dropping 15% last week, it is trading around $55.72 a piece.
- Uniswap (UNI), ranked 35th, has gained just about 19% and is trading around $2.68 a piece.
- Yearn.finance (YFI), ranked 37th, has gained 45% after dropping 23% last week and is trading around $15,080 a piece
- Celsius (CEL), ranked 38th, has gained over 35% and is trading around $1.88 a piece.
- Synthetix (SNX), ranked 40th, has gained over 55% after losing 15% last week and is trading around $4.13 a piece.
- Waves (WAVES), ranked 43rd, gained 15% and is trading around $3.59 a piece.
Biggest Dollar Decreases
The gains by Bitcoin this week have resulted in a very green week for the rest of the crypto market, unlike the last two weeks where it moved on its own and negatively affected the rest of the market. With almost every top 50 asset in the green this week there will be few inclusions in this section this week. Here are the biggest dollar value decreases over the past week:
- Binance Coin (BNB), ranked 7th, the native token of Binance Exchange lost just over 0.5% and is trading around $27.99 a piece.
- Monero (XMR), ranked 14th, lost just over 2% and is trading around $118.38 a piece.
- Crypto.com Coin (CRO), ranked 19th, the native token of Crypto.com Exchange continued its decline this week with another 12% lost after losing over 15% last week and is trading at just over 7 cents a piece.
- Neo (NEO), ranked 22nd, lost 0.3% and is trading around $15.26 a piece.
- Huobi Token (HT), ranked 26th, the native token of Huobi Exchange has lost 15% and is trading around $3.75 a piece.
- Maker (MKR), ranked 36th, has lost a little over 1% and is trading around $521.60 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. In fact, all but 10 of the assets in the top 50 market range lost Bitcoin value. Here are some of the biggest loser trading for Bitcoin:
- Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 12% trading for Bitcoin but are still worth $1 a piece.
- Ripple (XRP), ranked 4th, has lost just over 6%.
- Bitcoin Cash (BCH), ranked 6th, lost just under 10%.
- Bitcoin SV (BSV), ranked 11th, lost just over 10%.
- TRON (TRX), ranked 16th, has lost just over 10%.
- Ethereum Classic (ETC), ranked 34th, has lost just under 14%.
- FTX Token (FTT), ranked 46th, has lost just under 12%.
Bitcoin Heading to $16k?
Whether Bitcoin could break the $14k threshold was the question at hand last week. It has been emphatically answered, with it breaking the $15k threshold for good measure. The over 14% weekly increase has the asset sitting above $15.3k, with eyes on $16k as the US election is now in the background and the markets are rebounding.
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 9, 2019, Bitcoin was trading at just over $8.8k, so it is just under $7,000 above where it was last year, which is impressive to say the least.
Bitcoin Beats Rebounding Traditional Markets
With its nearly 15% gain this week, Bitcoin has beaten the performances of the traditional markets, which rebounded following the election results. The Dow Jones Industrial Average and the S&P 500 Index have gained about 10% and 8.5% each over the past week, respectively. They lost value over the past few weeks as the election created economic uncertainty in the US. Bitcoin gaining almost 15% even while the traditional markets have seen significant gains is yet another boon for the future of the king of crypto.