- >Price Check: Cardano Soars as Nearly Every Other Crypto Sees Red
Price Check: Cardano Soars as Nearly Every Other Crypto Sees Red
Bitcoin, true to form, was unable to hold onto the $50k threshold over the past week after reaching as high as $58k, dipping down as far as $43k before rising back to where it is now at about $49k. The dip has meant an extremely red week for the crypto market, with only about 10 assets in the green in the top 50.
One asset that has had no issue performing over the past week has been Cardano, which has somehow gained about 30% while everything else has been declining. In addition the Cardano team are releasing significant upgrades to network today so this could just the beginning for the upstart coin.
Evan Jones | Mar 1, 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:
- Cardano (ADA), ranked 3rd, has gained over 35% and hit an all-time high of $1.48 on February 27th. The move has pushed it into the top 3 assets by market cap and it is currently trading around $1.34 a piece.
- NEM (XEM), ranked 16th, has gained over 28% after gaining 42% last week and is trading around 67 cents a piece.
- Solana (SOL), ranked 18th, has gained over 50% and is trading around $15.39 a piece.
- Monero (XMR), ranked 19th, has gained just over 6% and is trading around $225.49 a piece.
- IOTA (MIOTA), ranked 25th, has gained just over 3% and is trading around $1.24 a piece.
- Synthetix (SNX), ranked 35th, has gained just under 5% and is trading around $20.94 a piece.
- Elrond (EGLD), ranked 36th, has gained just under 12% and is trading around $139.24 a piece.
- SushiSwap (SUSHI), ranked 40th, has gained a little under 9% and is trading around $17.16 a piece.
- UNUS SED LEO (LEO), ranked 45th, has gained over 43% and is trading around $2.08 a piece.
- Fantom (FTM), ranked 49th, has is out biggest gainer of the week with over 67% gained and is trading around 61 cents a piece.
- Voyager Token (VGX), ranked 50th, has gained just under 8% and is trading around $6.96 a piece.
Biggest Dollar Decreases
The drop by Bitcoin means week we actually have quite a few assets in the red and many of them are big names. Here are the biggest dollar decreases of the week:
- Ethereum (ETH), ranked 2nd, has lost just under 10% and is trading around $1,559 a piece.
- Ripple (XRP), ranked 7th, has lost over 17% and is trading around 45 cents a piece.
- Litecoin (LTC), ranked 8th, has lost just under 12% and is trading around $176.24 a piece.
- Bitcoin Cash (BCH), ranked 11th, has lost almost 16% after losing 13% last week and is trading around $498.28 a piece.
- Crypto.com Coin (CRO), ranked 21st, the native token of Crypto.com Exchange is our biggest loser of the week with over 35% lost after gaining 170% last week. It is currently trading around 15 cents a piece.
- EOS, ranked 22nd, has lost over 17% and is trading around $3.73 a piece.
- Huobi Token (HT), ranked 31st, the native token of Huobi Exchange has lostover33% after gaining over 80% last week and is trading around $14.06 a piece.
- Terra (LUNA), ranked 32nd, has lost over 12% this week and is trading around $6.12 a piece.
- Dash (DASH), ranked 41st, has lost over 16% and is trading around $215.68 a piece.
- Avalanche (AVX), ranked 45th, has lost over 12% after losing just under 24% last week and is trading around $26.87 a piece.
- PancakeSwap (CAKE), ranked 48th, has lost over 14% and is trading around $12.81 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:
- Chainlink (LINK), ranked 9th, has lost just over 8% trading for Bitcoin.
- Stellar (XLM), ranked 10th, has lost just under 3%.
- Bitcoin SV (BSV), ranked 23rd, has lost over 8%.
- Tron (TRX), ranked 25th, has lsot over 8% as well.
- Tezos (XTZ), ranked 29th, has lost over 10%.
Can Bitcoin Get Back Above $50k?
Bitcoin took its usual tumble after going on the big bull run that saw it hit an all-time high, but now it is sitting under $50k a piece and the question is how long it will take for it to get back over the threshold. If it does, can it hold it? Overall it has lost about 7% over the past week.
Even with the drop below $50k, Bitcoin is still smashing its price from this time last year. On March 1, 2020, Bitcoin was trading at just over $8.5k, so it is over 5x higher than it was last year at this time, almost 6x.
Bitcoin Lost the Week But Won the Month
Even with a 7% loss by Bitcoin this week, the Dow Jones Industrial Average and S&P 500 Index barely saw half percent gains. When looking at month long gains there is not much to compare, as Bitcoin is up almost 45% compared to the traditional markets which have gained about 4.6% for the Dow and 3.2% for the S&P. Cryptocurrency is here to stay it seems.