- >Price Check: Bitcoin Takes Minor Hit in Down Week for Markets
Price Check: Bitcoin Takes Minor Hit in Down Week for Markets
Bitcoin dropped back down this week after bouncing last week, now sitting at just over $9k. The king of crypto seems to be range bound as both traditional and crypto markets try to figure out what will happen in the US as Covid-19 cases reach new highs.
Evan Jones | Oct 13, 2020
While Bitcoin has bent it has not broken, and while it has had a down week there are some notable altcoins making noise this week.
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
With Bitcoin in the red over the past seven days it should come as no surprise that there are only a few winners this week in the top 50. That being said there are a few recurring names on this list from last week that are showing strength even as Bitcoin struggles to gain stability in an uncertain market environment. Here are some of the biggest gainers from the past week:
- Crypto.com Coin (CRO), the native token of the Crypto.com Exchange seems entrenched in the top 10 and continues to see weekly gains, it has just jumped ahead of EOS and is now the 9th ranked crypto asset by market cap. Last week’s 12% gain has been followed with a modest though somewhat significant gain of a little over 1% even though Bitcoin has lost almost 5%. It now sits at a little over 12 cents a piece, with no signs of slowing down as Syndicate Events on the exchange give this coin great staying power
- Cardano (ADA), ranked 11th, followed last week’s 10% with a modest 1% gained this week. It is now worth a little over 8 cents a piece. The Shelley Mainnet is set to go live tomorrow (June 30) and it should be expected that bullish movement may occur as staking becomes possible
- Chainlink (LINK), ranked 13th, was the biggest gainer in the top 25 last week with over 13% gained. It followed that gain with another 3%+ gain this week and is now worth about $4.52 a piece
- UNUS SED LEO (LEO), ranked 15th, saw an 8.5% gain this week and is now worth about $1.26 a piece
- Basic Attention Token (BAT), ranked 31st, followed last week’s 10% gain with another nearly 6% gain this week. The native token of the Brave Browser is now worth just under 26 cents a piece
- Bitcoin Gold (BTG), ranked 43rd, had a big 20% gain this week and is now worth about $10.34 a piece
- Synthetix Network Token (SNX), ranked 51st, followed last week’s big 35% gain with another 24% gain this week and is now worth about $1.81 a piece
Biggest Dollar Decreases
With Bitcoin in the red this week there are many assets experiencing significant value losses this week, and almost every asset apart from the one noted in the dollar increase section lost at least 5% as that is the amount of value that Bitcoin lost and they are tied to its value. Here are some of the most significant value losers this week:
- Bitcoin SV (BSV), ranked 6th, lost just under 10% in value this week and is now worth about $158 a piece
- Tezos (XTZ), ranked 12th, lost over 10% in value this week and is now worth about $2.38 a piece
- Stellar (XLM), ranked 14th, lost just under 10% and is now worth about 6 cents a piece
- Compound (COMP), ranked 23rd, lost 14% and is now worth about $235 a piece
- Maker (MKR), ranked 28th, lost about 12% and is now worth about $445 a piece
Biggest Losers Trading Against Bitcoin
It is noteworthy that while many assets lost dollar value, some did gain value trading for Bitcoin despite losing dollar value. Most of the big losers when trading for Bitcoin are the assets listed in the Biggest Dollar Decrease section, so in this section we will simply outline some more losers and note their percentage loss against Bitcoin:
- EOS, ranked 10th, lost just under 4% when trading for Bitcoin
- HedgeTrade (HEDG), ranked 29th, lost about 6.5% trading for Bitcoin
- Zilliqa (ZIL), ranked 44th, lost about 7%
- Hedera Hashgraph (HBAR), ranked 46th, lost just under 10%
- Aave (LEND), ranked 54th, was one of the biggest gainers last week, but lost just under 15% in value trading for Bitcoin this week
Bitcoin Trapped in a Range
Bitcoin lost about 4% in value over the past week, but it seems to be rangebound between $9k and $9.5k, unable to gain any ground over the high end of that range but unwilling to drop below $9k either.
While it is not really a stable value, it is a somewhat stable range. Holders will be hoping that the $9k range is not broken down any time soon.
Much like last week Bitcoin is worth less than it was at this time last year, as on June 29, 2019 it was trading at just under $12k, which is about $3,000 more than it is trading for today. Bitcoin may be below last year’s prices for a while as there is much economic certainty in the major markets due to the pandemic increasing in the US
Bitcoin Loses to Traditional Markets
Though it out-gained the traditional markets last week, Bitcoin has lost to the Dow Jones Industrial Average and the S&P 500 Index this week. It lost about 4% whereas the two major markets lost about 2.5% each
With Covid cases rising drastically in many US states, one has to wonder how all three of these markets will perform over the coming weeks, but it is not encouraging to see that Bitcoin lost more value than both of these markets over the past week.
As with last week, the three markets seem to be moving in the same direction as each other, even if by different amounts. Though this is certainly not what investors in any of these markets would like to see, this is not exactly a normal market environment, as pandemics are not exactly good times for financial markets.