- >Price Check: Bitcoin Treads Water as Investors Await Breakout
Price Check: Bitcoin Treads Water as Investors Await Breakout
Bitcoin is seemingly caught in a range, even with yet another Elon Musk tweet seemingly halting Bitcoin’s momentum back to the upside Bitcoin seems unwilling to fall below $35k or get above $40k, and as a result we have had a very boring couple weeks in the world of crypto.
Not that relative stability in the crypto market is a bad thing. While Bitcoin is rangebound it has allowed some altcoins to climb back up in value with many bouncing back from lows.
Evan Jones | Jun 7, 2021
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 100 by market capitalization. The fast growth of the crypto and blockchain industry in 2021 means that there are more assets than ever that deserve attention and are experiencing notable gains and losses.
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
Another fairly green market chart for the week as Bitcoin staying put allows altcoins to take back some of the ground they lost during this now nearly month-long dip. Here are the biggest dollar increases from the past week:
- Binance Coin (BNB), ranked 4th, has gained just under 14% and the native token of Binance Exchange is trading around $394.46 a piece.
- Dogecoin (DOGE), ranked 6th, has gained over 15% after losing 6% last week and it is trading around 36 cents a piece.
- Polkadot (DOT), ranked 8th, has gained about 13% and it is trading around $24.68 a piece.
- Solana (SOL), ranked 15th, has gained about 29% and it is trading around $42.07 a piece.
- THETA, ranked 17th, is our second biggest gainer of the week with over 46% gained. It is trading around $10 a piece.
- VeChain (VET), ranked 20th, has gained about 11% and it is trading around 13 cents a piece.
- Filecoin (FIL), ranked 22nd, has gained over 27% and it is trading around $91.13 a piece.
- Kusama (KSM), ranked 31st, has gained about 30% and it is trading around $433.55 a piece.
- IOTA (MIOTA), ranked 32nd, has gained about 17% and it is trading around $1.28 a piece.
- Algorand (ALGO), ranked 37th, has gained over 16$ and it is trading around $1.05 a piece.
- Theta Fuel (TFUEL), ranked 42nd, is our biggest gainer of the week with over 65% gained after gaining 23% last week. It is trading around 55 cents a piece.
- Tezos (XTZ), ranked 49th, has gained 11% and it is trading around $3.89 a piece.
- Waves (WAVES), ranked 60th, has gained almost 15% after losing 20% last week and it is trading around $15.38 a piece.
- Nexo (NEXO), ranked 66th, has gained over 22% after gaining 15% last week and is trading around $2.38 a piece.
- OKB, ranked 84th, has gained over 20% and it is trading around $16.12 a piece.
- CurveDAO (CRV), ranked 93rd, has gained almost 33% and it is trading around $2.42 a piece.
Biggest Dollar Decreases
Another fairly quiet week in terms of losses as the markets begin to stabilize, a few of the assets here were the biggest gainers last week. Here are the biggest losers from the past week:
- Internet Computer (ICP), ranked 11th, has lost 9% after losing over 23% last week and it is trading around $102.74
- Chainlink (LINK), ranked 13th, has lost about 12% after gaining 20% last week and is trading around $27.75 a piece.
- Polygon (MATIC), ranked 16th, has lost almost 13% after gaining 20% last week and is trading around $1.63 a piece.
- EOS, ranked 25th, has lost over 9% after gaining over 25% last week and is trading around $5.79 a piece.
- Klaytn (KLAY), ranked 40th has lost over 12% and it is trading around $1.21 a piece.
- THORChain (RUNE), ranked 48th, has lost over 12% after gaining 23% last week and is trading around $10.78 a piece.
- Decred (DCR), ranked 54th, has lost over 15% after being the biggest gainer last week with 35% gained. It is trading around $144.82 a piece.
- Helium (HNT), ranked 72nd, has lost over 13% and it is trading around $14.07 a piece.
- Horizen (ZEN), ranked 77th, has lost over 11% after gaining 11% last week and it is trading around $95.27 a piece.
- Revain (REV), ranked 86th, has almost 10% after losing 25% last week and is trading around 1 cent a piece.
- SwissBorg (CHSB), ranked 97th, has lsot just over 11% and is trading around 76 cents a piece.
Will Bitcoin Get Back to $40k?
Once again, my question from last week remains the same, as Bitcoin is seemingly trading in a range between $35k and $40k, with $37k-40k seeming like a big resistance zone at this time. If Bitcoin can get a rally it would likely turn market sentiment to the upside, but we may be trading in a range for weeks if not months.
Bitcoin is currently trading at about $36k, still completely outperforming its price from this time last year. On June 7, 2020, Bitcoin was trading at just under $9.8k, so it is still almost 4x higher than it was last year at this time.
Bitcoin Still Losing on Weekly but Ahead YTD
Bitcoin has lost just about 4% over the past week, but even still the traditional markets are not faring much better. The Dow Jones Industrial Average and S&P 500 Index both put in gains of under 0.5% on the week. None of these moves are all that significant, and it is still worthwhile pointing out how much Bitcoin is outperforming both of these markets on the charts for the year.