- >Price Check: Ethereum Leads Charge in Positive Week for Altcoins
Price Check: Ethereum Leads Charge in Positive Week for Altcoins
While Bitcoin reclaimed its place above $7,000, it was Ethereum and a few other altcoins that truly experienced big gains over the past week. This follows up last weeks dominance by Chainlink (LINK) and has to have altcoin investors excited for how the market may shape up this summer.
Evan Jones | Oct 12, 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’s look at the biggest winners and losers of the past week.
Biggest Dollar Increases
Of the top 10 cryptocurrencies by market cap, the biggest gainer this week in terms of dollar value was Ethereum (ETH) gaining over 17% in value and reaching around $180 a piece. This gain of over $25 a piece is a welcome sign after a couple weeks of sideways movement from the number two crypto by market cap.
Tezos (XTZ), currently ranked 10th, also had a very big week, gaining almost 17% in value and is now sitting at over $2.20 a piece.
Two other crypto assets in the top 10 also had very nice weeks with around 10% gained. Binance Exchange’s native token Binance Coin (BNB), currently ranked 8th, is up to just over $15.80 a piece. While EOS, currently ranked 9th, is now up to just over $2.65 a piece.
Of the top 25 cryptocurrencies by market cap, the biggest gainer was HedgeTrade (HEDG), ranked 22nd, which saw a gain of nearly 13% after being one of the biggest losers last week. It now sits at around $1.90 a piece.
Chainlink, ranked 11th, also had another good week, with almost 10% gained, as did Monero (XMR), ranked 14th, and Cardano (ADA), ranked 15th. They now sit at around $3.65, $56.95, and $0.035, respectively.
Expanding out to the top 50 cryptocurrencies by market cap, the biggest gainer by dollar value for the week was Zcash (ZEC), ranked 26th, which saw a dollar value increase of around 32% bringing its value up to about $46.55 a piece.
Biggest Dollar Decreases
There were actually no dollar decreases in the top 10 cryptocurrencies by market cap this week, and actually only one in the top 50 lost dollar value at all. This is something that happens when Bitcoin has gone up in value.
The biggest, and only, loser in the top 50 cryptos was Bitcoin Gold (BTG), which was one of the biggest gainers last week. It lost just over 3% in dollar value and is currently worth around $9.40 a piece.
Biggest Losers Trading Against Bitcoin
The biggest loser from the top 10 cryptos is Tether (USDT), which has lost around 4.5% in value when trading for Bitcoin. As mentioned in previous weeks of this article, stablecoins lose value trading for Bitcoin when it goes up in value, however the dollar value of the stablecoins is still $1.
The biggest losers from the top 25 cryptos in terms of value when trading for Bitcoin is USD Coin (USDC), another stablecoin, which lost the same percent value as Tether with around 4.5%.
Of the top 50 cryptos by market cap, the biggest loser when trading for Bitcoin is unsurprisingly Bitcoin Gold, which was the only coin in the top 50 to also lose dollar value. When trading for Bitcoin it has lost around 8% in value.
Bitcoin Moves Back Above 7K
Bitcoin as aforementioned, saw a gain in value that brought it back up to over $7,000 a piece. With the Bitcoin halvening approaching it remains to be seen what is in store for Bitcoin’s price.
Compared to this time last year though, Bitcoin is almost $1,500 higher in value, as it was worth around $5,500.
Traditional Markets Experiencing Similar Movement
Bitcoin is still experiencing similar movements to the Dow Jones and S&P 500 Index, which are both up in value from this time last week, though all three have experienced a similar 1% drop in the past 24 hours.
This is a trend that is likely to continue in this current market of economic uncertainty, though many analysts believe that in the long-term the economic stimulus packages that are being doled out will only increase Bitcoin’s appeal as a deflationary store of value.