- >Price Check: BTC Hits $58k, ETH Breaks $2k in Record Week
Price Check: BTC Hits $58k, ETH Breaks $2k in Record Week
Bitcoin hit another all-time high on Valentine’s Day 2021. A week later, on February 21st, 2021, it hit the highest it has ever been at over $58k, but it has since dropped down to below $54k as the crypto market looks to settle.
Meanwhile Ethereum finally hit the long-awaited milestone of $2,000+ before settling down to start this week. Overall the week resulted in a fairly even mix between winners and losers. Tokens that give users access to exchange trading fees (such as Binance Coin) have seen enormous jumps over the past week.
Evan Jones | Feb 22, 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 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 jump and drop by Bitcoin has left some assets in the red, but there are quite a few assets with over 50% gained this week and some have even hit over 100% as well, as was the case last week. As mentioned in the intro, proprietary exchange tokens are doing very well this week. Here are the biggest gainers from the past week:
- Binance Coin (BNB), ranked 3rd, the native token of Binance Exchange has gained just over 100% after gaining 80% last week and is trading around $265 a piece. BNB has moved up 4 spots on the chart and is now above Tether.
- Ethereum hit over $2,000 a piece on Saturday and was on track to be one of the week’s biggest gainers before a steep correction saw it fall all the way down to $1,700 at the time of publication.
- Polkadot (DOT), ranked 5th, has gained over 25% and is trading around $36.25 a piece.
- Cardano (ADA), ranked 6th, has gained over 15% and has rallied over the $1 mark for the first time in years, currently trading around $1.02 a piece.
- Uniswap (UNI), ranked 12th, has gained over 32% and is trading around $27.07 a piece.
- Crypto.com Coin (CRO), ranked 16th, the native token of Crypto.com Exchange has gained an enormous 170% and is our biggest gainer of the week. Once a top 10 asset, CRO is now trading around 23 cents a piece.
- NEM (ZEM), ranked 18th, has gained over 42% and is trading around 54 cents a piece.
- Huobi Token (HT), ranked 20th, the native token of Huobi Exchange has gained over 80% and is trading around $22.23 a piece.
- FTX Token (FTX), ranked 31st, the native token of FTX Exchange has gained around 57% and is trading around $31.80 a piece.
- Decred (DCR), ranked 46th, has gained over 35% and is trading around $151.04 a piece.
- PancakeSwap (CAKE), ranked 47th, is our third biggest gainer of the week with over 130% gained and is trading around $15.28 a piece.
- BitTorrent (BTT), ranked 48th, has gained about 41% after gaining 70% last week and is trading around a tenth of a cent.
- Ravencoin (RVN), ranked 51st, is our second biggest gainer of the week with 144% gained and is trading around 18 cents a piece.
Biggest Dollar Decreases
Unlike last week we actually have quite a few asset in the red with so much focus on Bitcoin, and the its subsequent fall over the past day. Here are the biggest dollar decreases of the week:
- Bitcoin Cash (BCH), ranked 10th, has lost over 13% and is trading around $624.63 a piece.
- Stellar (XLM), ranked 11th, has lost just under 12% and is trading around 46 cents a piece.
- Dogecoin (DOGE), ranked 14th, the inevitable decline of the memecoin has continues, DOGE has dropped another 10% after dropping 28% last week and is trading at about 5 cents a piece. Expect it to keep dropping.
- Aave (AAVE), ranked 17th, has lost just over 13% and is trading around $407.85 a piece.
- Bitcoin SV (BSV), ranked 22nd, has lost over 12% and is trading around $213.75 a piece.
- Tezos (XTZ), ranked 28th, has lost just under 13% and is trading around $4.15 a piece.
- Avalanche (AVX), ranked 35th, has lost just under 24% and is trading around $32.18 a piece. Biggest loser of the week.
- Synthetix (SNX), ranked 36th, has lost just under 18% and is trading around $20.82 a piece.
- Algorand (ALGO), ranked 39th, has lost just over 22% and is trading around $1.17 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. Here are the biggest losers trading for Bitcoin:
- Ethereum (ETH), ranked 2nd, has lost about 3% trading for Bitcoin.
- Chainlink (LINK), ranked 9th, has lost just over 9%.
- EOS, ranked 19th, has lost just under 4%.
- Cosmos (ATOM), ranked 21st, has lost just over 7%.
- Ethereum Classic (ETC), ranked 50th, has lost over 11%.
Can Bitcoin Hold $50k?
Bitcoin set an all-time high yesterday but with the drop now it seems like the question is can it hold the $50k threshold after quickly falling through $55k. Regardless, it has gone up 12% over the past week after the same jump the week before and is now trading around the $53k range.
Bitcoin reaching another all-time high means it is eclipsing its price at this time last year. On February 8, 2020, Bitcoin was trading at just over $9.6k, so it is over 5x higher than it was last year at this time.
Bitcoin Still Leaving Traditional Markets in the Dust
With a little over 0% percent gained this week, the Dow Jones has not done well compared to Bitcoin. The over 1% loss by the S&P 500 Index is an even worse showing. Neither market has come close to the performance which Bitcoin has seen with its nearly 12% gain in the same time. It has been an enjoyable ride as crypto becomes more and more accepted by the masses.