The market as a whole did not do too much one way or the other this week, with some big winners and some losers while Bitcoin stayed the course.
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 most notable gain in the top 10 was Cardano (ADA), which has snuck into the tenth spot by market cap after posting a massive gain of nearly 50% last week and followed it with a modest 7.5% gain this week, and now sitting at just over 8.5 cents a piece. This rise comes in following the news that the Shelley Main Net will be launching at the end of June. Cardano pushed Tezos (XTZ), now ranked 11th, out of the top 10. These two proof of stake assets are likely to jostle with each other for the 10th spot until one takes a stranglehold on the spot or moves up even higher.
But just outside the top 10 we have the Crypto.com Coin (CRO), ranked 12th, seeing another huge gain this week, with an increase of about 23.5% that has pushed it to just under 11 cents a piece. This is following a week with an increase of 15%, and an 11% gain the week before that. The native coin of the Crypto.com Exchange, is now worth a little over 10 cents a piece. Crypto.com Syndicate events seem to keep interest in this alt very high.
Here’s a look at some of the other coins that had good weeks:
- Tron (TRX), ranked 16th, also had a good week with just under 9% gained, and now sits at a little under 2 cents a piece.
- Sitting right at rank 25 we have Cosmos (ATOM) with a nearly 10% gain this week and is now worth $3.05 a piece.
- Maker (MKR), ranked 26th, saw a nearly 21% gain this week, following last week’s gain of 33% and is now worth a little over $551 a piece.
- VeChain (VET), ranked 28th, followed last week’s 31% gain with another gain of about 15%, and is now worth 7.5 tenths of a cent a piece.
- Brave Browser’s Basic Attention Token (BAT), ranked 31st, had a nice week as well with about 13% gained and is now worth about 25 cents a piece.
- Zilliqa (ZIL), ranked 39th, followed last week’s huge 39% gain with another 30% gain and is now worth over 2 cents a piece.
Finally, Decred (DCR), ranked 41st, Synthetix Network Token (SNX), ranked 46th, and Augur (REP), ranked 48th, all had nice gains of 15-17% as well and sit at $17.56, 90 cents, and $14.96, respectively.
Biggest Dollar Decreases
Bitcoin had little movement either direction this week so we have some notable losers this week.
Neo (NEO), ranked 19th, and a member of the biggest increase section last week, lost about 4% this week and is now worth about $11.60 a piece.
HedgeTrade (HEDG), ranked 24th, saw a nearly 10% loss and is now worth just over $2 a piece.
THETA, ranked 38th, lost about 5% in value and is now worth about 25 cents a piece.
Algorand (ALGO), ranked 44th, lost about 7% in value and is now worth about 23 cents a piece.
Enjin Coin (ENJ), ranked 49th, experienced a 7% loss this week after significant gains over the past two weeks and is now worth just under 20 cents a piece.
Biggest Losers Trading Against Bitcoin
It should come as no surprise that the biggest losers trading against Bitcoin are the same assets in the biggest dollar decrease section above. There are a few other assets which notably lost value when trading for Bitcoin this week
Ripple (XRP), ranked 3rd, lost another 2% trading for Bitcoin this week, following last week’s nearly 3% loss.
Ethereum Classic (ETC), ranked 20th, lost about 3.5% trading for Bitcoin.
OMG Network (OMG), ranked 36th and formerly called OmiseGo, lost just under 4% when trading for Bitcoin and has experienced two straight weeks of losses following two weeks of significant gains before that.
Bitcoin Moving Sideways
Bitcoin moved a little up and down each way this week, but now sits at about $9.7k, which is a 1% gain from last week’s $9.5k mark.
Many Bitcoin hodlers are hoping that this movement is some sort of accumulation period before Bitcoin breaks through the resistance of $10k.
Compared to this time last year, Bitcoin is worth almost $1,500 more than it was, as it was trading for around $8k on June 8th, 2019.
Bitcoin Loses to Traditional Markets
Bitcoin, which outperformed both the Dow Jones Industrial Average and S&P 500 Index last week, fared much worse by comparison this week. The Dow Jones and S&P 500 saw 7% and 5% gains respectively, compared to Bitcoin’s 1% gain.
While this is not what we want to see in the world of crypto, Bitcoin continues to move separately from the traditional markets, even if not moving up as well this week. With much of the US economy re-opening over the past few weeks it should be no surprise that the traditional markets are starting to rebound. It is notable that during the crash Bitcoin was actually the first of the three markets to really recover.