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  • >Price Check: Crypto Market Down 50% from Peak, Will it Rally?

Price Check: Crypto Market Down 50% from Peak, Will it Rally?

What a wild ride the past week has been, after making a drop to the low $40k range Bitcoin capitulated even further, hitting as low as $30.5k before bouncing hard and is now trading around $38k, a 15% drop from this time last week.

Overall, the crypto market lost more than 50% of its value. As you might expect, this means that over the past week, there is only a single asset in the top 100 that has gained value over the last week, most of them are not even worth what they were a month ago.

The latest crypto crash has been a severe one.

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

As mentioned in the introduction, the capitulation by Bitcoin has left us with just one asset in the green in the top 100. Here is the only gainer for the last week:

  • Helium (HNT), ranked 69th, has gained a modest 3% over the past week, but that is quite a jump considering the drop in Bitcoin. It is now trading around $14.22 a piece.

Biggest Dollar Decreases

Bitcoin dropping another 15% over the past week has given us the reddest market chart since perhaps Black Thursday in 2020, with nearly every asset having lost a significant chunk of value. Due to the nature of the charts this week, this will be a larger section than usual. Here are the biggest dollar decreases:

  • Binance Coin (BNB), ranked 4th, has lost around 37% after already losing 22% last week and it is trading around $317.61.
  • Ripple (XRP), ranked 7th, has lost over 40% over the past week and it is trading around 86 cents a piece.
  • Polkadot (DOT), ranked 9th, has lost over 45% and it is trading around $20.71 a piece.
  • Bitcoin Cash (BCH), ranked 11th, has lost 36% after losing 28% last week and it is trading around $662.46 a piece.
  • Uniswap (UNI), ranked 12th, has lost almost 35% and it is trading around $21.80 a piece.
  • Litecoin (LTC), ranked 13th, has lost another 39% after losing about 30% last week and it is trading around $165.62 a piece.
  • Chainlink (LINK), ranked 14th, has lost over 33% after losing 25% last week and it is trading around $24.33 a piece.
  • Stellar (XLM), ranked 15th, has lost over 35% and it is trading around 42 cents a piece.
  • Solana (SOL), ranked 18th, has lost about 38% after gaining 14% last week and it is trading around $30 a piece.
  • VeChain (VET), ranked 20th, has lost almost 30% after losing 28% last week and is trading around 11 cents a piece.
  • THETA, ranked 22nd, has lost about 37% over the last week and it is trading around $6.30 a piece.
  • Tron (TRX), ranked 23rd, has lost about 37% and it is trading around 7 cents a piece.
  • EOS, ranked 25th, has lost over 44% and it is trading around $5 a piece.
  • Neo (NEO), ranked 30th, has lost about 39% over the past week and it is trading around $50.35 a piece.
  • SHIBA INU (SHIBA), ranked 28th, has lost over 42% after losing 46% last week and is trading at under 1 hundred-thousandth of a cent a piece.
  • Bitcoin SV (BSV), ranked 33rd, has lost over 38% and it is trading around $167.43 a piece.
  • Cosmos (ATOM), ranked 38th, has lost about 38% and it is trading around $13.58 a piece.
  • IOTA (MIOTA), ranked 39th, has lost over 42% and it is trading around $1.03 a piece.
  • PancakeSwap (CAKE), ranked 40th, has lost over 34% after losing 28% last week and is now trading around $16.95 a piece.
  • Kusama (KSM), ranked 41st, has lost over 42% and it is trading around $319.44 a piece.
  • Huobi Token (HT), ranked 42nd, has lost over 44% and the native token of Huobi Exchange is now trading around $14.63 a piece.
  • Terra (LUNA), ranked 43rd, has lost over 57% and is trading around $6.38 a piece. Biggest loser in the top 100.
  • THORChain (RUNE), ranked 44th, has lost 45% after gaining 8% last week and it is trading around $9.97 a piece.
  • Avalanche (AVAX), ranked 45th, has lost over 46% and it is trading around $18.35 a piece.
  • Compound (COMP), ranked 48th, has lost about 39% and it is trading around $404.19 a piece.

Will Bitcoin Get Back to $40k?

My question of whether Bitcoin would hold $42k last week was quickly answered with a resounding no, as Bitcoin dropped to as low as $30.5k before rallying back to where it is today at $37.4k, reaching as high as $38.5k. Now the question becomes whether Bitcoin can rally back to above $40k a piece, or if it will simply stay within a range, perhaps giving altcoins a chance to gain back some of their losses.

Even with the yet another drop, Bitcoin is currently trading at over $37k, vastly outperforming its price from this time last year. On May 24, 2020, Bitcoin was trading at just under $8.7k, so it is over 4x higher than it was last year at this time.

Bitcoin Losing on Weekly but Ahead YTD

Bitcoin has lost just about 12% over the past week, after already losing 25% last week, pushing its price down below $40k for the first time in a little while. Meanwhile, the Dow Jones Industrial Average and S&P 500 Index both put in under 1% gains on the week.

If we zoom out and look at the year to date gains of these two traditional markets compared to Bitcoin, it is still not a close contest, as Bitcoin has gained over 25% on the year even with this big drop, whereas Dow and S&P have both gained a little over 11% on the year.

With the news about inflation and interest rates having been released, it seems only a matter of time before more money comes looking for Bitcoin’s deflationary value.

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About the Author

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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