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  • >Price Check: Cardano Rises as Bitcoin, Ethereum Plummet 20%

Price Check: Cardano Rises as Bitcoin, Ethereum Plummet 20%

After a week of all-time highs for many digital assets, it was Cardano (ADA) that stole the show this week, as it exploded to new a new all time high of $2.46 before settling back down to where it is now around $2.05. The more impressive part of the run was that it was during a massive 20% downturn for Bitcoin and Ethereum, both of which have struggled to regain their losses thus far into the week.

Cardano was not alone in making a noteworthy run this week, but overall, the big drop by Bitcoin has resulted in a mostly red chart for the past week.

Bitcoin experienced one of the sharpest corrections of 2021 over the last week

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 100 by market capitalization. The fast growth of the crypto and blockchain industry in 2021 means that there are more assets than ever that deserve attention and are experiencing notable gains and losses.

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 decline of Bitcoin has led to a rather red market chart for the week, but there were still quite a few assets that were able to make big moves over the past week as investors look to altcoin alternatives to the big two. Here are the biggest gainers from the past week:

  • Cardano (ADA), ranked 4th, has gained over 18% after gaining 28% last week and is trading at around $2.06 a piece. Cardano hit an all time high of $2.46 on May 16.
  • Solana (SOL), ranked 16th, has gained over 14% after losing 9% last week and it is trading around $50.11 a piece. It hit an all time high of $52.50 on May 16.
  • Polygon (MATIC), ranked 17th, has gained an enormous 83% and is our biggest gainer of the week. The Ethereum alternative hit an all time high of $1.89 two days ago and is currently trading around $1.68 a piece.
  • Aave (AAVE), ranked 26th, has gained over 17% after losing 9% last week and is trading around $545.35 a piece.
  • Klaytn (KLAY), ranked 31st, has gained a little over 1% after losing almost 11% last week and is trading around $2.16 a piece.
  • Kusama (KSM), ranked 35th, has gained over 32% and it is trading around $573.20 a piece.
  • THORChain (RUNE), ranked 41st, has gained around 8% and it is trading around $18.66 a piece.
  • Revain (REV), ranked 52nd, has gained over 61% after gaining 51% last week and is trading at just over 3 cents a piece.
  • Hedera HashGraph (HBAR), ranked 55th, has gained over 5% after losing almost 12% last week and it is trading around 30 cents a piece.
  • Yearn.finance (YFI), ranked 57th, has gained over 16% and it is trading around $64,306 a piece.
  • SushiSwap (SUSHI), ranked 59th, has gained over 10% and it is trading around $16.90 a piece.
  • NEAR Protocol (NEAR), ranked 61st, has gained over 11% and it is trading around $5.59 a piece.
  • Synthetix (SNX), ranked 63rd, has gained just under 3% and is trading around $17.76 a piece.
  • Celo (CELO), ranked 81st, has gained over 25% and it is trading around $6.42 a piece.
  • Nano (NANO), ranked 82nd, has gained just under 10% and it is trading around $10.24 a piece.
  • Harmony (ONE), ranked 83rd, has gained over 5% and it is trading around 14 cents a piece.
  • BakeryToken (BAKE), ranked 90th, has gained about 13% after losing 20% last week and is trading around $6.45 a piece.

Biggest Dollar Decreases

Bitcoin dropping about 20% over the past week has resulted in a correlated market chart, with many assets having lost at least 20% in value over the last week, some of them continuing to decline after a losing week last week as well. Here are the biggest dollar decreases:

  • Ethereum (ETH), ranked 2nd, has lost about 20% after the throes of its 30% gain and all time high last week and it is now trading around $3,319 a piece.
  • Binance Coin (BNB), ranked 3rd, has lost over 22% and it is trading around $508 a piece.
  • Internet Computer (ICP), ranked 9th, has lost over 64% after exploding onto the scene a few days ago. It hit an all time high of over $700 upon listing and is now trading around $200.
  • Bitcoin Cash (BCH), ranked 10th, has lost 28 after gaining 42% last week and it is trading around $1,050 a piece.
  • Litecoin (LTC), ranked 12th, has lost about 30% after gaining 37% last week and is trading around $275.67 a piece.
  • Chainlink (LINK), ranked 13th, has lost over 25% after gaining 23% last week and is trading around $36.97 a piece.
  • VeChain (VET), ranked 17th, has lost over 28% and is trading around 16 cents a piece.
  • Ethereum Classic (ETC), ranked 19th, has over 28% after gaining over 140% last week and is trading around $86.49 a piece.
  • Filecoin (FIL), ranked 25th, has lost over 30% after losing 10% last week and is trading around $98.90 a piece.
  • SHIBA INU (SHIBA), ranked 28th, has lost over 46% after gaining 1647% last week and is trading around 1 thousandth of a cent.
  • PancakeSwap (CAKE), ranked 42nd, has lost over 28% after losing 11% last week and is now trading around $26.46 a piece.
  • Zcash (ZEC), ranked 51st, has lost over 27% after gaining the same last week and is trading around $232.33 a piece.

Will Bitcoin Hold $41k?

While not the question I was expecting to be debating this week, the continued correction by Bitcoin over the past week has many wondering if Bitcoin will be able to hold the $41k threshold, which is the 20-day market average. If it is unable to hold that range, we may see a big drop across the entire crypto market. Here’s hoping Bitcoin holds strong.

Even with the drop Bitcoin is currently trading at over under $43k, vastly outperforming its price from this time last year. On May 17, 2020, Bitcoin was trading at just under $9.6k, so it is just under 5x higher than it was last year at this time.

Both Bitcoin and Traditional Markets Take a Hit

Bitcoin has lost just about 25% over the past week, its biggest drop of the year. The drop was no doubt at least partly influenced by Elon Musk’s announcement that Tesla will no longer be accepting Bitcoin last week.

While it lost far more than either the Dow Jones Industrial Average or S&P 500 Index, those two lost about 1% each as well over the past week. If we zoom out and look at the yearly gains it is still not a close contest, with Bitcoin vastly outperforming either market on a year to date basis.

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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.

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