- >Price Check: Bull Run Time? Bitcoin Smashes Past $11k Mark
Price Check: Bull Run Time? Bitcoin Smashes Past $11k Mark
Bitcoin has broken back above the $11k threshold for the first time in weeks, in fact now halfway to $12k at $11.5k, and as a result most of the crypto market has seen a value bump over the past week. Most altcoins experienced a dollar value increase that is slightly higher than the percentage increase the Bitcoin has experienced over the past week, but we have some standout winners and some somewhat surprising losers.
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
We we have a mostly green week following a mostly red week, as seems to be the pattern in the crypto world. Bitcoin tends to raise almost all assets when it has a positive week, and we have some big gainers in the top 50 this week. Here are the biggest gainers from the past week:
- Ethereum (ETH), ranked 2nd, has gained 9% and is trading around $384.80 a piece.
- Bitcoin Cash (BCH), ranked 5th, gained 8% and is trading around $240.72 a piece.
- Binance Coin (BNB), ranked 5th, has gained about 8% this week. The native token of Binance Exchange is trading at $30.69 after gains over the past 3 weeks.
- Chainlink (LINK), ranked 7th, is our biggest gainer in the top 10 with an 18% gain that has it trading around $11.22 a piece.
- Litecoin (LTC), ranked 9th, saw a 9% gain and is trading at just around $50.95 a piece.
- Cardano (ADA), ranked 10th, also saw a 9% gain and is trading at just over 10 cents a piece.
- Monero (XMR), ranked 15th, saw a 23% gain, the biggest in the top 25, and is now trading around $132.83 a piece.
- Cosmos (ATOM), ranked 20th, has gained 14% after gaining 7% last week and is trading at $6.02 a piece.
- Zcash (ZEC), ranked 27th, follows its 16% gain from last week with another 15% gained this week and is now trading around $75.30 a piece.
- UMA, ranked 37th, saw a big 28% gain after losing 29% last week, essentially recovering its value and now trading around $9.08 a piece.
- Algorand (ALGO), ranked 40th, saw a nice 12% gain this week after being a big loser last week and is trading around 35 cents a piece.
- Ren (REN), ranked 43rd, is our biggest gainer in the top 50 with a huge 50% gain over the past week that has it trading around 39 cents a piece.
Biggest Dollar Decreases
The upwards movement by Bitcoin has resulted in an almost entirely green week in the top 50. This is to be expected when the asset that they are all pegged to has seen a significant increase over the past week. Even still, we have some significant losers, though most assets barely lost 1% in value. Here are the biggest dollar value decreases over the past week:
- UNUS SED LEO (LEO), ranked 21st, lost just under 2% and is trading around $1.19.
- THETA, ranked 28th, lost just under 2% as well and is trading at just over 75 cents a piece.
- Aave (LEND), ranked 32nd, lost a little over 3% and is trading at just over 51 cents a piece.
- OMG Network (OMG), ranked 35th, also lost a little over 3% and is trading around $3.64 a piece.
- Yearn.finance (YFI), ranked 36th, is the biggest loser in the top 50 with over 14% lost and is trading around $16,919.
- DigiByte (DGB), ranked 43rd, lost just over 3% and is trading around 2.5 cents a piece.
- Uniswap (UNI), ranked 49th, lost just under 10% this week and is trading around $3.27 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 gained dollar value due to Bitcoin’s jump. Here are some of the biggest loser trading for Bitcoin:
- Tether (USDT), USD Coin (USDC), True USD (TUSD), Dai (DAI), and all other stablecoins have lost about 6-7% trading for Bitcoin but are still worth $1 a piece.
- Ripple (XRP), ranked 4th, has lost just under 5% trading for Bitcoin.
- Tron (TRX), ranked 16th, has lost just over 4%.
- Neo (NEO), ranked 19th, lost just over 5%.
- Ontology (ONT), ranked 38th, lost just over 8% trading for Bitcoin.
- Basic Attention Token (BAT), ranked 47th, the native token of the Brave Browser lost just over 8% trading for Bitcoin.
Bitcoin Staying in a Range
After a small 1.6% loss last week, Bitcoin has responded in a big way, seeing a 7.5% increase over the past week that has it over $11.5k and still rising. This is the step up over $11k many wanted to see. Hopefully, it maintains value over $11k at a minimum, with a jump over $12k being possible as well.
Bitcoin absolutely crushing its price at this time last year, well above what it was trading for. On October 12, 2019, Bitcoin was trading at just over $8.3k, so it is just about $3,200 above where it was last year. This is a great sign for long-term holders.
Bitcoin Outperforms Traditional Markets
With its nearly 7.5% gain this week, a quick turnaround from its drop last week, Bitcoin has outperformed the traditional markets, which recovered from down weeks as well. The Dow Jones Industrial Average and the S&P 500 Index have gained about 2.4% and 3.4%, respectively. Bitcoin more than doubled their percentage gain, an extremely positive sign for the crypto community.