- >Price Check: Cryptocurrency Dips as Stock Markets See Red
Price Check: Cryptocurrency Dips as Stock Markets See Red
Bitcoin is down again this week, after reaching over $11k following its drop below $10k two weeks ago it has dropped back down to about $10.4k. While the overall weekly drop is minimal, the rest of the crypto market has had a very red week, with some major assets losing significant value over the past week after making significant gains the week before. Only three assets in the top 50 are in the green this week.
Evan Jones | Oct 14, 2020
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
Bitcoin declining again has resulted in very few assets seeing value increases over the past week. As mentioned in the introduction, only three assets in the top 50 by market cap have made gains this week, so we will expand our range in order to fill out this section for the week. Here are the biggest gainers from the past week:
- UNUS SED LEO (LEO), ranked 20th, has gained 6% after losing 4% last week, and is now trading at $1.21 a piece.
- THETA, ranked 35th, has gained a very modest 0.6% after gaining 37% last week and is trading at just over 55 cents a piece. It is the only asset featured in this section last week that did not lose value this week.
- DigiByte (DGB), ranked 40th, was the biggest gainer in the top 50 with 25% gained and is now trading at just under 3 cents a piece.
- Celo (CELO), ranked 41st, gained 1.65% after being the biggest loser last week when it lost 10%. It is now trading at $2.90 a piece.
- Hyperion (HYN), ranked 57th, gained 43% and is now trading at just over 52 cents a piece.
- Celsius (CEL), ranked 64th, gained 37% and is now trading at just under 70 cents a piece.
- ABBC Coin (ABBC), ranked 68th, was the biggest gainer in the 50-100 range with over 46% gained. It is now trading at just over 26 cents a piece.
- Orchid (OXT), ranked 73rd, gained 13% and is now trading at just over 38 cents a piece.
- Ontology (ONT), ranked 31st, gained 44% this week after losing over 20% last week and is trading at just over 87 cents a piece.
Biggest Dollar Decreases
The retracement of Bitcoin over the past week has had a negative effect on the whole crypto market, with there being almost no assets in the green for dollar value over the past week Many assets that were big gainers last week lost significant value this week. Here are the biggest dollar value decreases from the past week:
- Ethereum (ETH), ranked 2nd, lost 9% in value and is trading around $341.
- Polkadot (DOT), ranked 6th, lost 26% after gaining the same amount last week and is trading around $4.
- Binance Coin (BNB), ranked 7th, lost 30% this week after gaining 52% last week and the native token of Binance Exchange is trading at $23.14.
- Chainlink (LINK), ranked 9th, lost 30% as well and is trading around $8.68.
- Tezos (XTZ), ranked 18th, continued its decline with another 26% loss and is now trading under $2 at $1.95 a piece.
- Cosmos (ATOM), ranked 23rd, lost 24% this week and is trading around $4.12 a piece.
- Yearn.finance (YFI), ranked 28th, dropped 44% after gaining 92% last week and is back around $22,187 after being over $41k last week.
- UMA, ranked 30th, lost 33% and is trading at $11.07.
- Aave (LEND), ranked 31st, lost 33% after gaining the same amount last week and is now trading at just over 46 cents a piece.
Biggest Losers Trading Against Bitcoin
While the assets in the biggest dollar decrease section are some of the biggest losers of dollar value this week there are many other assets that have lost value trading for Bitcoin, some of them lost more dollar value than the above assets but are further down the charts. Here are some of the biggest loser trading for Bitcoin:
- Ontology (ONT), ranked 36th, lost 22% trading for Bitcoin after being one of the biggest gainers last week.
- OMG Network (OMG), ranked 42nd, lost 32% trading for Bitcoin.
- Synthetix Network Token (SNX), ranked 44th, lost 34% trading for Bitcoin.
- Compound (COMP), ranked 47th, lost just 22%.
- Algorand (ALGO), ranked 49th, lost just under 24%.
Bitcoin Drops Back Below $10.5k
After reaching above $11k this week, Bitcoin dropped back down to $10.4k, an overall decrease of just under 3% from this time last week. This is not a welcome sight for holders but could provide a buying opportunity as $10k seems to be the bottom still. If Bitcoin drops below $10k though there is no telling how much it could continue to fall. It faced resistance at $11k as we speculated it may last week.
Bitcoin is still trading above what it was trading for at this time last year. On September 21, 2019, Bitcoin was trading at just over $10k, so it is just about $400 above where it was last year.
Traditional Markets Losing More Than Bitcoin
Despite seeing an overall decrease in value this week, Bitcoin has outperformed both the Dow Jones Industrial Average and S&P 500 Index by losing less than the traditional markets. With its under 3% loss, Bitcoin has held up better than the DJIA and S&P which both experienced losses of 3.75% and 3.5%, respectively, over the past week.
This is still a positive sign, after gaining while the traditional markets were losing last week, Bitcoin has lost value, but to a less of an extent than the Dow and S&P have. There is no way to tell if this pattern will hold, but if Bitcoin continues to maintain either lower losses or make gains while the traditional markets lose, it will be a bullish sign for the crypto market.