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Price Check: Cardano Continues Relentless Climb in 2020

Bitcoin had another week of essentially no movement, sitting at between $9.2k and $9.3k. The top crypto asset essentially moved nowhere over the past seven days, but that is not necessarily a bad thing as stability is what a lot of hesitant investors are looking for. This week also saw traditional markets experiencing little movement as well.

Cardano just keeps climbing in 2020

Meanwhile, Cardano continued its ascent up the market cap charts as it moved into 6th, while a few other altcoins made huge moves as well.

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 stably 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. While the dollar increases are not as consistent looking at the chart from top to bottom, there are a few absolute standouts. Here are some of the biggest gainers from the past week:

  • Cardano (ADA), ranked 6th, followed last week’s 20% gain with another giant 34% gained this week moving it up 2 spots on the charts. It is now worth just over 13 cents a piece. The Shelley Mainnet is now live, and it should be expected that more bullish movement may occur as staking becomes possible at the end of the month. Cardano has been moving separately from Bitcoin for the past few months.
  • Binance Coin (BNB), ranked 8th, saw a big 19% gain this week. The native token of Binance Exchange is now trading at about $18.75 a piece.
  • Chainlink (LINK), ranked 10th, had the biggest week in the top 50, with a gigantic 50% increase this week, moving it up a few spots. It is now worth about $7.43 a piece.
  • Tezos (XTZ), ranked 13th, recovered from its down week with a 25% gain this week and is now worth about $2.97 a piece.
  • Stellar (XLM), ranked 14th, also had a big week with a 35% gain and is now worth a little over 9 cents a piece
  • Cosmos (ATOM), ranked 21st, had a nice 35% gain this week as well and is now worth about $4.08 a piece.
  • Elrond (ERD), ranked 51st, had a massice 120% gain this week and is now worth about 1.5 cents a piece.

Biggest Dollar Decreases

With Bitcoin in the green this week there are few assets experiencing significant value losses this week. Much like last week there are minimal assets in the red over the past 7 days but there are a couple repeat appearances from last week:

  • UNUS SED LEO (LEGO), ranked 17th, lost just over 7% in value this week after dropping 4% last week and is now trading around $1.12 a piece.
  • Maker (MKR), ranked 28th, lost just under 4% in value and is now worth about $457 a piece.
  • Compound (COMP), ranked 29th, is the biggest loser this week dropping 10% after last week’s 18% drop and is now trading around $173 a piece.
  • HedgeTrade (HEDG), ranked 33rd, lost about 6% this week after losing 1% last week and now trades around $1.37 a piece.
  • Kyber Network (KNC), ranked 36th, lost a little over 5% this week and is now worth about $1.61 a piece.

Biggest Losers Trading Against Bitcoin

The same assets in the biggest dollar decreases section are the biggest losers when trading for Bitcoin this week. Stablecoins have lost fractional 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:

  • Tether (USDT), USD Coin (USDC), Paxos Standard, Dai (DAI), TrueUSD (TUSD), and all other stablecoins have lost about 0.35% trading for Bitcoin, essentially the inverse of Bitcoin’s gain.
  • OKB, ranked 34th, the native token of OKEx Cryptocurrency Exchange, lost about 1.5% trading for Bitcoin
  • Verge (XVG), ranked 76th, lost about 14% trading for Bitcoin

Bitcoin Still Trapped in a Range

Bitcoin gained about 0.06% 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.

Bitcoin is holding seemingly stable value, which may not be what all want to see as many altcoins have been exploding over the past few weeks.

As with the previous 2 weeks Bitcoin is worth less than it was at this time last year, as on July 13, 2019 it was trading at just about $11.4k, which is about $2,200 more than it is trading for today. This trend has been continuing for weeks as Bitcoin has been rangebound.

Bitcoin Loses to Traditional Markets Again

Though it outgained the traditional markets a few weeks ago, Bitcoin has lost to the Dow Jones Industrial Average and the S&P 500 Index for the past 3 weeks. It gained under 0.1% this week whereas the DJIA and S&P saw over 1% and 1.5% gains over the past week, respectively.

With Covid cases rising continuing to rise drastically across almost the entirety of US states, and stock earnings season helping drive increased interest in the traditional markets, it remains to be seen how long these modest gains last before they potentially turn into losses.

About the Author

Evan Jones CryptoVantage headshot

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.