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Price Check: Dogecoin Lights Up Crypto Market with Massive Surge

Bitcoin has had a very stable week by its standards, dropping about 3% and now sitting around $33-$34k. Meanwhile, Reddit groups have decided that Dogecoin is their crypto GameStop stock and it has taken off, reaching into the top 10 my market cap at one point. The rest of the market had had a fairly even balance of winners and losers, as is often the case once Bitcoin’s price stays around the same level for a period of time.

Dogecoin lights

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 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

With the continued stable movements of Bitcoin over the past week there are quite a few altcoins which have been able to gain steam. This is especially true of assets that are part of the Decentralized Finance sector of crypto, as seems to be the case most weeks of late. Here are the biggest gainers from the past week:

  • Ripple (XRP), ranked 4th, has had a very nice week with 52% gained, some tied to their SEC rebuttal and some to Reddit, either way it is now trading around 42 cents a piece.
  • Binance Coin (BNB), ranked 10th, the native token of Binance Exchange has gained just over 13% and is trading around $48.74 a piece.
  • Stellar (XLM), ranked 11th, has gained over 17% and is trading around 32 cents a piece, having picked up a lot of those that jumped ship from Ripple.
  • Uniswap (UNI), ranked 13th, has gained over 61% and gaining 25% last week and is trading around $18.67 a piece.
  • Dogecoin (DOGE), ranked 14th, is our biggest gainer of the week with an enormous and outrageous gain of almost 360% and is now trading at just under 4 cents a piece.
  • Aave (AAVE), ranked 16th, has gained over 13% after gaining 35% last week and is trading around $290.15 a piece.
  • Compound (COMP), ranked 29th, has gained over 46% and is trading around $347.08 a piece.
  • SushiSwap (SUSHI), ranked 31st, has gained almost 50% after around 12% gained last week and is trading around $11.93 a piece.
  • Solana (SOL), ranked 38th, has gained over 17% and is trading around $4.22 a piece.
  • Elrond (EGLD), ranked 40th, has gained another 30% after it gained the same last week and is trading around $64.03 a piece.
  • The Graph (GRT), ranked 45th, has gained over 42% and is trading around 80 cents a piece.
  • Decred (DCR), ranked 49th, has gained over 25% and is trading around $65.76 a piece.
  • Terra (LUNA), ranked 51st, is our biggest non-Doge gainer this week, with over 78% gained and now trading around $1.65 a piece.

Biggest Dollar Decreases

Quite a few entries in the biggest loser section this week, and many are from the top 25. Here are the biggest dollar value decreases of the past week:

  • Ethereum (ETH), ranked 2nd, has lost just under 9% and is trading around $1,299 a piece.
  • Polkadot (DOT), ranked 5th, has lost over 11% and is trading around $15.88 a piece.
  • Chainlink (LINK), ranked 7th, has lost over 8% and is trading around $21.97 a piece.
  • Litecoin (LTC), ranked 8th, has lost over 10% and is trading around $128.71 a piece.
  • Bitcoin Cash (BCH), ranked 9th, has lost just over 10% after losing 9% last week and is trading around $406.39 a piece.
  • THETA, ranked 24th, has lost 9% and is trading around $1.97 a piece.
  • VeChain (VET), ranked 26th, has lost over 17% and is trading around 2 cents a piece.
  • Crypto.com Coin (CRO), ranked 33rd, the native token of Crypto.com Exchange has lost a little over 20% and is trading around 6 cents a piece.
  • IOTA (MIOTA), ranked 36th, has lost just under 12% and is trading around 40 cents a piece.
  • Celsius (CEL), ranked 37th, has lost 10% and is trading around $4.67 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 Bitcoin. We will only note a few as the other sections are larger this week. Here are some of the biggest losers trading for Bitcoin:

  • Tezos (XTZ), ranked 22nd, has lost just over 6% trading for Bitcoin.
  • Neo (NEO), ranked 28th, has lost just over 7%.
  • Dash (DASH), ranked 42nd, has lost over 7%.
  • Zcash (ZEC), ranked 46th, has lost about 7%.
  • Yearn.finance (YFI), ranked 47th, has lost just over 6%.

Can Bitcoin Get Back to $35k?

Bitcoin has not got back above $35k, or at least not for any length of time over the past week, as many would have liked, though those accumulating are likely quite pleased with the lower prices this week. Overall Bitcoin has dropped about 3% from where it was last week and is trading at just around $33.3k. The price action this week will be interesting to monitor once again.

Bitcoin is still blowing its price at this time last year out of the water. On February 1, 2020, Bitcoin was trading at just over $9.3k, so it is over 3x higher than it was last year at this time.

Bitcoin in Step with Traditional Markets

With a little under three percent lost this week, Bitcoin has not outperformed the traditional markets as usual, but it has not lost either. The Dow Jones has lost about two and a half percent over the past week while the S&P 500 Index has lost about the same. Their movements seem to have nothing to do with Bitcoin any longer, but between Reddit groups and a new presidency, the traditional markets will be an interesting thing to monitor.

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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.