- >Price Check: Bitcoin Stabilizes as Altcoins Dip
Price Check: Bitcoin Stabilizes as Altcoins Dip
Bitcoin has taken a small drop in price over the past week, though it is a notably small dip and has it in more of a rangebound, sideways pattern, sitting a little over 1% down from last week’s price. Meanwhile, a majority of the crypto market has seen a decline over that past week, with very few assets in the green for the past week.
Evan Jones | Oct 14, 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
As seems to be the case every other week in the crypto world, we have a mostly red week following a mostly green week. Even still we have some decent gainers in the top 50, though not even the highest percentage gain was close to most assets’ increases last week. Here are the biggest gainers from the past week:
- Binance Coin (BNB), ranked 5th, has gained about 5.5% this week. The native token of Binance Exchange is trading at $28.50 after gaining 17% last week and is one of the few repeat assets to see positive gains.
- Ripple (XRP), ranked 4th, saw a 2% gain and is trading at just over 25 cents a piece.
- Monero (XMR), ranked 16th, saw a 10% gain and is now trading around $106.76 a piece.
- NEM (XEM), ranked 21st, saw a 2% gain and is trading just over 12 cent a piece.
- Cosmos (ATOM), ranked 22nd, has gained 7% after gaining 22% last week and is trading at $5.29 a piece.
- THETA, ranked 29th, has gained 8% this week after gaining 31% last week and is trading at just over 77 cents a piece.
- Zcash (ZEC), ranked 30th, is our biggest gainer in the top 50 with about 16% gained and is now trading around $66.35 a piece.
- Maker (MKR), ranked 35th, has gained just under 3% and is trading around $553.59 a piece.
- DigiByte (DGB), ranked 42nd, gained just under 6% after losing 12% last week and is trading around 2.5 cents a piece.
- BitTorrent (BTT), ranked 48th, gained a little over 7% and is trading at $0.0003.
- Celsius (CEL), ranked 51st, is the biggest gainer in the top 100 with over 42% gained and is trading at $1.30 a piece.
Biggest Dollar Decreases
The lack of upwards movement by Bitcoin has resulted in a fairly red week in the top 50. This is to be expected when the asset that they are all pegged to has not seen an increase over the past week. Many of these assets lost more value than Bitcoin did. Here are the biggest dollar value decreases over the past week:
- Polkadot (DOT), ranked 7th, lost around 8% and is trading at about $4.19 a piece.
- Chainlink (LINK), ranked 8th, lost just under 10% and is trading around $9.62 a piece after gaining 22% last week.
- Neo (NEO), ranked 19th, lost 12% and is trading around $17.92 a piece.
- VeChain (VET), ranked 27th, lost a little over 13% and is trading around 1 cent a piece.
- Yearn.finance (YFI), ranked 32nd, is the biggest loser in the top 50 with over 32% lost and is trading around $19,913 a piece. It had gained 32% last week.
- Synthetix Network Token (SNX), ranked 39th, lost a little over 17% and is trading around $4.24 a piece after gaining 39% last week.
- UMA, ranked 40th, lost 29% this week and is trading around $7.24 a piece.
- Uniswap (UNI), ranked 43rd, lost just under 27% this week and is trading around $3.47 a piece.
- HedgeTrade (HEDG), ranked 49th, lost 23% this week and is trading at just under 96 cents a piece.
- Compound (COMP), ranked 50th, lost just over 10% and is trading around $123 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 but we will note them here in relation to their loss in Bitcoin value rather than dollar value. Here are some of the biggest loser trading for Bitcoin:
- Cardano (ADA), ranked 11th, lost just under 5% trading for Bitcoin after being a big gainer last week.
- Bitcoin SV (BSV), ranked 12th, lost just over 4% trading for Bitcoin.
- Ethereum Classic (ETC), ranked 33rd, lost a little over 6% trading for Bitcoin.
- Ontology (ONT), ranked 38th, lost just over 8% trading for Bitcoin.
- Algorand (ALGO), ranked 44th, lost just under 6%.
- Basic Attention Token (BAT), ranked 47th, the native token of the Brave Browser lost just over 6% trading for Bitcoin.
Bitcoin Staying in a Range
After a nearly 5% gain that had it approaching $11k once again, Bitcoin has taken a small step down with a 1.6% loss over the past week. Currently sitting at just above $10.7k, Bitcoin has mostly maintained its value from last week, though did not take the step up over $11k as many would have liked. If it stays in this range it could decline or jump, which occurs is anyone’s guess.
Bitcoin is still absolutely crushing its price at this time last year, well above what it was trading for. On September 28, 2019, Bitcoin was trading at just over $8.1k, so it is just about $2,600 above where it was last year. This is a great sign for long-term holders.
Bitcoin Losses to Traditional Markets
With its nearly 2% loss this week, a small drop from its gain last week, Bitcoin has underperformed compared to the traditional markets, which continue to recover from their down weeks as well. The Dow Jones Industrial Average and the S&P 500 Index this week, have gained about 1.6% and 1.3%, respectively.