- >Price Check: Bitcoin Soars to $24,400 During Record-Setting Week
Price Check: Bitcoin Soars to $24,400 During Record-Setting Week
The $20,000-price mark barrier is a distant memory for Bitcoin holders as the dominant cryptocurrency went on a bull run for the ages over the last week, gaining over 20% and getting as high as $24,400 before finally settling in the $23,000 range.
Evan Jones | Dec 21, 2020
Currently sitting at an all-time high, Bitcoin took such a large jump that almost the entire market managed to lose Bitcoin value but gain dollar value. As is the case, we have a few winners, but actually far more losers, as people sell their altcoins off to add more Bitcoin.
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 overall leap by Bitcoin over the past week left many assets in the red, struggling to keep up with the value gained by the king, while also being sold in order to buy Bitcoin. Still we have a few significant gainers in the top 50 despite the largely red look the weekly values have. Here are the biggest gainers from the past week:
- Litecoin (LTC), ranked 5th, has gained a huge amount with over 33% and is trading around $107.72 a piece.
- Bitcoin Cash (BCH), ranked 6th, has gained just under 20% and is trading around $323.01.
- Binance Coin (BNB), ranked 9th, gained a little over 10% and the native token of Binance Exchange is now trading around $32.46 a piece.
- NEM (XEM), ranked 17th, has gained just under 15% after gaining 32% over the past two weeks and is trading at just under 28 cents a piece.
- Dash (DASH), ranked 25th, has gained just under 10% and is trading around $104.93 a piece.
- THETA, ranked 31st, has gained just under 18% after gaining 12% last week and is trading at just over 90 cents a piece.
- Celsius (CEL), ranked 40th, has gained over 22% and is trading around $2.83 a piece.
- Synthetix (SNX), ranked 41st has gained just under 20% and is trading around $5.81 a piece.
- Dogecoin (DOGE), ranked 43rd, is our biggest gainer of the week with just over 50% gained. It is trading at just under half a cent a piece.
- Zilliqa (ZIL), ranked 44th, is our runner up with 47% gained and is trading at just under 5 cents a piece.
Biggest Dollar Decreases
As mentioned in the Increases section, there were quite a few assets that lost value this week, in fact most of the market was actually in the red. People adding to their Bitcoin by selling altcoins can have that effect. Here are the biggest dollar value decreases over the past week:
- Stellar (XLM), ranked 11th, has lost just under 4% and is trading around 16 cents a piece.
- Monero (XMR), ranked 16th, has lost over 7% after being a big gainer last week and is trading around $145.95 a piece.
- Filecoin (FIL), ranked 22nd, has lost over 11% and is trading around $26.39 a piece.
- Neo (NEO), ranked 23rd, has lost just under 5% and is trading around $16.46 a piece.
- Cosmos (ATOM), ranked 26th, has lost just over 4% and is trading around $4.92 a piece.
- VeChain (VET), ranked 27th, lost just over 5% after losing 9% last week and is trading at just over 1.5 cents a piece.
- Yearn.finance (YFI), ranked 34th, has lost over 12% after gaining 10% last week and is trading around $25,594 a piece.
- Waves (WAVES), ranked 39th, has lost almost 24% and is trading around $6.65 a piece.
- Compound (COMP), ranked 42nd, has lost just under 9% and is trading around $143.78 a piece.
- OMG Network (OMG), ranked 51st, has lost over 6% and is trading around $2.99 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. Most assets lost value trading for Bitcoin this week. Here are some of the biggest losers trading for Bitcoin:
- Chainlink (LINK), ranked 7th, has lost just under 3% trading for Bitcoin
- Cardano (ADA), ranked 8th, has lost just over 1%.
- Tezos (XTZ), ranked 19th, has lost just under 3%.
- Crypto.com Coin (CRO), ranked 21st, the native token of Crypto.com Exchange has lost over 3%.
- Aave (AAVE), ranked 29th, has lost just over 4%.
Bitcoin Headed for $25k?
Bitcoin answered my question pretty soundly, and pretty quickly last week. Not only did it manage to stay above $19k and get above $20k, but it kept on going and made it as high as $24,400 before settling into the $23k range where it is now. A 20% gain. Incredible.
Bitcoin continues to blow last year’s price out of the water. On December 21, 2019, Bitcoin was trading at just over $7.1k, so it is over 3x higher than it was last year at this time. There may not be any dips in the future with the way this is going.
Bitcoin Eclipses Traditional Markets
With a half percent gain this week, the performances of the traditional markets, which have had very little movement overall since the election, leave much to be desired when it is compared to the performance of Bitcoin. With its 20% gain and not even 1% gained by either of the traditional markets, there is not much to say but wow. What 2021 may hold for any of these three markets is anyone’s guess, but it is exciting to think about.