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Price Check: Cardano Continues Blistering 2020 with 20 Percent Gain

Bitcoin, now sitting at just over $9.3k, had another sideways week but managed to stay rangebound and had an overall green week. The king of crypto essentially moved nowhere over the past 7 days, but traditional markets saw nice upticks this week in a move that may be concerning for hodlers.

Meanwhile, Cardano and a host of other altcoins had very good weeks in what is a mostly green market chart from top to bottom.

Cardano explodes in value

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 back in the green over the past 7 days it should come as no surprise that there are many winners this week in the top 50. Most coins saw at least a 5% gain this week. There are a few recurring names on this list from last week that are showing immense strength even as Bitcoin struggles to gain traction in an uncertain market environment, some even seem to be moving completely separately from it. Here are some of the biggest gainers from the past week:

  • Cardano (ADA), ranked 8th, followed last week’s 1% gain with a massive 20% gained this week moving it up 3 spots on the charts. It is now worth just under 10 cents a piece. The Shelley Mainnet is now live and Cardano has made some major announcements over the past week including a partnership with Coinbase, and it should be expected that more bullish movement may occur as staking becomes possible. It is notable that Cardano has moved separately from Bitcoin for the past few months.
  • Bitcoin SV (BSV), ranked 6th, also had a big week with a nearly 20% gain. It is now worth about $188.64 a piece.
  • VeChain (VET), ranked 20th, had the biggest gain in the top 50 with an enormous 72%(!) gained and is now worth about 1.5 cents a piece.
  • Cosmos (ATOM), ranked 25th, had a nice 17% gain this week and is now worth about $3.05 a piece.
  • Kyber Network (KNC), ranked 33rd, had a huge 50% gain this week and is now worth about $1.73 a piece.
  • Aave (LEND), ranked 40th, also had a huge gain with nearly 52% gained this week, following last weeks 15% loss. It is now worth around 18 cents a piece.
  • Synthetix Network Token (SNX), ranked 41st, rounds out our biggest gainers with a 39% jump this week and is now worth about $2.52 a piece. This follows the 24% gain last week.

Biggest Dollar Decreases

With Bitcoin in the green this week there are few assets experiencing significant value losses this week. Apart from stablecoins losing value compared to Bitcoin there are only 5 assets in the top 50 that lost dollar value:

  • UNUS SED LEO (LEGO), ranked 15th, lost just under 4% in value this week and is now trading around $1.21 a piece.
  • Compound (COMP), ranked 27th, is the biggest loser this week dropping a massive 18% and now trading around $192 a piece.
  • HedgeTrade (HEDG), ranked 30th, lost a modest 1% this week and now trades around $1.45 a piece.
  • Basic Attention Token (BAT), ranked 32nd, also lost a modest 1%. The native token of the Brave Browser now trades at a little over 25 cents a piece.
  • DigiByte (DGB), ranked 38th, lost under 1% in value and now trades at about 2 cents a piece.

Biggest Losers Trading Against Bitcoin

As noted in the Biggest Dollar Decreases section, apart from stablecoins losing fractional dollar value, there were only 5 assets to lose dollar value, however these stablecoins still lost value when trading for Bitcoin, and a few other assets lost value trading for Bitcoin other than the assets noted above:

  • Tezos (XTZ), ranked 12th, lost about 2.25% when trading for Bitcoin.
  • Tether (USDT), USD Coin (USDC), Paxos Standard, Dai (DAI), TrueUSD (TUSD), and all other stablecoins have lost about 2.25% as well, essentially the inverse of Bitcoin’s gain.
  • Monero (XMR), ranked 17th, lost about 1.25% when trading for Bitcoin

Bitcoin Still Trapped in a Range

Bitcoin gained about 2% 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 good to see Bitcoin back in the green, and at a seemingly stable value, holders will be hoping that the $9k range is not broken down any time soon, and that it simply does not give back the 2% it has gained this week.

As with the previous 2 weeks Bitcoin is worth less than it was at this time last year, as on July 6, 2019 it was trading at just about $11.2k, which is about $2,200 more than it is trading for today. This trend may continue if Bitcoin remains rangebound.

Bitcoin Loses to Traditional Markets Again

Though it outgained the traditional markets a couple weeks ago, Bitcoin has lost to the Dow Jones Industrial Average and the S&P 500 Index for the past 2 week. It gained about 2% this week whereas the DJIA and S&P saw over 5% gains over the past week.

With Covid cases rising continuing to rise drastically across almost the entirety of US states, one has to wonder how all three of these markets will perform if the uptick continues, but it is not encouraging to see Bitcoin only gaining about half as much as the traditional markets.

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Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.