- >Price Check: Bitcoin Volatility Runs Rampant Amidst Halving Hype
Price Check: Bitcoin Volatility Runs Rampant Amidst Halving Hype
Bitcoin, following a week where it stabilized around $8.7k, briefly exploded to just under $10k for a few days, before plummeting back down to where it began and is currently sitting at around $8.9k. With the halving approaching volatility should be expected and it will be interesting to watch the markets over the next couple of days.
Evan Jones | Oct 13, 2020
Altcoins did not quite take off in rhythm with Bitcoin, in fact most of them dropped significantly while Bitcoin rose. This is likely due to people selling their altcoins to buy Bitcoin, and it should be expected that many will bounce back up after the dust from the halving settles.
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
Of the top 10 cryptocurrencies by market cap, there was not a single crypto asset that gained dollar value over the past week, other than Bitcoin. As mentioned in the introduction, this is likely due to people selling their altcoins to increase their Bitcoin holdings.
But, two crypto assets in the top 25 by market cap did have very good weeks.
Crypto.com Coin (CRO), currently ranked 14th, has seen a nice gain of just over 10% in the past week, bringing its value to just over 6.5 cents a piece. The staking aspect of CRO and the Syndicate Bitcoin Event on the Crypto.com Exchange are likely big reasons why CRO has been one of the sole gainers this week. For more information on Crypto.com Exchange click here.
Neo (NEO), currently ranked 20th, also had a nice gain of just over 11% the past week, bringing its value up to just over $10 a piece.
Expanding out to the top 50 cryptocurrencies by market cap we have a few notable gainers.
Basic Attention Token (BAT), currently ranked 32nd, saw a decent gain of just under 5%, bringing its value to just under 20 cents a piece. BAT is an interesting coin that anyone can earn by simply browsing the internet with the Brave Browser.
Digibyte (DGB), currently ranked 34th, which saw an increase of nearly 50% last week after over 50% the week before that, saw another nearly 4% gain, that has brought its value up to almost 2 cents a piece. 0x (ZRX), currently ranked 35th, was the biggest gainer in the top 50, and saw a massive increase of 85% and is now worth around 37.5 cents a piece.
Augur (REP), currently ranked 39th, also had a very big week with a 30% gain and is currently worth around $14.10 a piece.
Biggest Dollar Decreases
Unlike last week, where there were actually no dollar decreases in the top 10 cryptocurrencies by market cap, and actually only 5 in the top 50 lost dollar value at all, this week there were many losers. This is something that happens when focus shifts from altcoins to Bitcoin.
The biggest loser in the top 10 cryptos was EOS (EOS), ranked 9th, dropping around 11% and currently now worth around $2.65 a piece.
Several other top 10 assets lost 7-10% value this week as well.
Ethereum (ETH), ranked 2nd, lost around 7.5% in value and is now worth under $190 a piece.
Ripple (XRP), ranked 3rd, lost around 9% in value and is now worth under 20 cents a piece.
Bitcoin SV (BSV), ranked 6th, lost about 10% and is now worth a little over $183 a piece.
Litecoin (LTC), ranked 7th, lost 10% as well and is worth just over $42 a piece.
There are many other losers in the top 25, but the biggest was Ethereum Classic (ETC), ranked 21st, which lost around 14% and is now worth about $6.10.
The biggest loser in the top 50 was Hyperion (HYN), ranked 49th, it lost around 29% in value after previous weeks massive 265% gain, and is now worth around 41 cents a piece.
Biggest Losers Trading Against Bitcoin
There were actually many cryptocurrencies that lost value when trading for Bitcoin this week, as it took a solo trip up the charts. In fact every crypto in the top 25 lost value when trading for Bitcoin except for Crypto.com Coin and NEO which makes sense as they are the biggest dollar gainers this week. UNUS SED LEO (LEO), currently ranked 15th, also did not lose value but only gained a modest 1%.
Most crypto assets in the top 25 lost equivalent dollar value and Bitcoin value this week.
This pattern repeats for the top 50, with only, Basic Attention Token, Digibyte, 0x and Augur in the green when trading for Bitcoin.
Bitcoin Blows Up Before Stabilizing Around $8.9k
Bitcoin saw a nearly 10% gain this week, reaching as high as $9.9k before dropping down to the upper $8.8k range and somewhat stabilizing there, giving it a weekly gain of just over 1% in the end.
The halving is essentially currently underway, and it should be expected that the market will continue to be volatile.
Compared to this time last year though, Bitcoin is almost $2,000 higher in value, as it was worth around $6,800 on May 13th, 2019.
Traditional Markets Continue Their Dance
Bitcoin, which left the DOW and S&P 500 in the dust last week, still outperformed both, but only by a modest 1%, as both the major markets dropped around 1% themselves.
Over the past 7 days Bitcoin had moments where it was seriously out-gaining the traditional markets until it settled back down to where it is today. If it decouples again after the halving is done, hodlers everywhere will have their bullish sentiments confirmed.