- >Price Check: DeFi Remains Red-Hot as Bitcoin Holds Steady
Price Check: DeFi Remains Red-Hot as Bitcoin Holds Steady
Bitcoin has managed to maintain its value after dropping below $12k last week and seemingly settling around $11,750. While Bitcoin’s value did not change much over the past week there have been some massive moves being made by assets in the Decentralized Finance sector once again.
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 maintaining a somewhat stable value after its drop has allowed there to be quite a few standouts this week, and many of these assets in the Decentralized Finance sector. Here are some of the biggest gainers from the past week:
- Tron (TRX), ranked 14th, saw a nice 16% gain this week and is now trading a just under 3 cents a piece.
- Neo (NEO), ranked 19th, had a decent 12% gain after 14% gained last week and is now trading at about $20.81 a piece.
- NEM (XEM), ranked 21st, saw a huge gain of 48% after 33% gained last week and is now trading at just over 13 cents a piece.
- Yearn.finance (YFI), ranked 22nd, had an enormous 191% gain this week after a massive 74% gain last week and is now trading around $38,640 a piece.
- UMA, ranked 23rd, appeared out of nowhere with a 197% gain and is suddenly in the top 25 and trading around $20 a piece.
- Aave (LEND), ranked 27th, gained 18% this week and is now trading at just over 77 cents a piece.
- Synthetix Network Token (SNZ), ranked 32nd, gained just under 20% and is now trading around $7.28 a piece.
- Compound (COMP), ranked 35th, had a big 28% gain and is trading around $233 a piece.
- Celo (CELO), ranked 37th, also appeared out of nowhere to enter the top 40, it has gained over 63% this week and is trading around $3.96 a piece.
- FTX Token (FTT), ranked 46th, has had a nice week with over 22% gained. The native token of FTX exchange is now trading at $4.20 a piece.
Biggest Dollar Decreases
Despite Bitcoin holding relatively firm over the past week there were quite a few losers this week, some of which were the biggest gainers in the last week. Here are the biggest dollar value losers from the past week:
- Tezos (XTZ), ranked 13th, lost just under 10% this week and is trading around $#.36 a piece.
- Stellar (XLM), ranked 15th, lost 6% and is now trading at just under 10 cents a piece.
- Cosmos (ATOM), ranked 17th, lost 6% as well and is trading around $7.50 a piece. This comes after last week’s 28% gain.
- OMG Network (OMG), ranked 31st, lost 10% this week after gaining 107% last week and is now trading at $5.33 a piece.
- Basic Attention Token (BAT), ranked 36th, lost 12% this week after gaining 29% last week. The native token of the Brave Browser is now trading at about 35 cents a piece.
Biggest Losers Trading Against Bitcoin
There were some big losers when trading for Bitcoin this week. Some of them could have been featured in the dollar decrease section but they will be mentioned here instead. Here are some of the biggest losers trading against Bitcoin:
- IOTA (MIOTA), ranked 25th, lost just under 7% trading for Bitcoin.
- HedgeTrade (HEDG), ranked 38th, lost 15% trading for Bitcoin.
- 0x (ZRX), ranked 40th, lost 13% after being a notable gainer last week.
- THETA, ranked 43rd, lost about 10% after being a notable gainer last week as well.
- Algorand (ALGO), ranked 45th, lost 17%.
Bitcoin Holding Firm
Bitcoin took a dip below the $12k threshold last week, losing just under 3% but has maintained that value and is still trading at about $11,750 a piece a 0.08% loss over the past week. It has actually increased to that point over the past few days and hopefully it can keep going and get back above the $12k threshold.
Bitcoin is trading well above what it was trading for at this time last year. On August 31, 2019, Bitcoin was trading at just over $9.6k, so it is just about $2,000 above where it was last year.
Bitcoin Keeps in Line with Traditional Markets
Bitcoin barely lost to the traditional markets in terms of weekly growth. With its 0.08% loss it is a little behind the Dow Jones Industrial Average which has gained about 0.44% and a little further behind the S&P 500 Index which has gained a little over 2%. While it has not out-gained them this week, the 90-day chart paints a favorable picture for Bitcoin, which has seen a 23%+ gain over the past three months whereas the Dow Jones and S&P have seen about 11% and 14%, respectively.
While Bitcoin has taken a small step backwards after jumping up in value it remains completely decoupled from the movements of the traditional markets. Its outpacing of growth over the past three months is an extremely good sign for the long-term potential of the controversial asset. With the flood of money coming into the Decentralized Finance sector it will be interesting to see how Bitcoin’s value is affected over the coming months.