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  • >Price Check: Has Bitcoin Officially Bottomed Out?

Price Check: Has Bitcoin Officially Bottomed Out?

Whether Bitcoin is in a bear or bull market continues to be debated, but the overall crypto market looks much better this week with many assets recovering nicely from the big drop experienced last week.

We have a lot more assets in the green this week as Bitcoin has begun to move sideways while the market decides where its sentiment lies. Most of the assets that experienced big drops are climbing their way back to prices from a few weeks ago and the bulls are likely hoping for prices to keep climbing.

Bitcoin is at a cross roads

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

While last week we had only one inclusion in this section, this week we have a much greener market chart, with many assets gaining over the past week, some making significant recoveries. Here are the biggest dollar increases from the past week:

  • Cardano (ADA), ranked 4th, has gained over 10% over the past week, moving it back into the top 5 and ahead of Binance Coin (BNB). ADA is trading around $1.65 a piece.
  • Ripple (XRP), ranked 6th, has gained 16% after losing over 40% last week and it is trading around $1 a piece.
  • Uniswap (UNI), ranked 10th, has gained over 23% after losing about 35% last week and it is trading around $26.44 a piece.
  • Chainlink (LINK), ranked 13th, has gained about 20% after losing 33% last week and it is trading around $29.31 a piece.
  • Polygon (MATIC), ranked 15th, has gained about 20% and it is trading around $1.82 a piece.
  • Ethereum Classic (ETC), ranked 19th, has gained just over 10% and it is trading around $67.48 a piece.
  • EOS, ranked 23rd, has gained over 25% after losing 44% last week and it is trading around $6.30 a piece.
  • THORChain (RUNE), ranked 43rd, has gained about 23% after losing 45% last week and is trading around $12.06 a piece.
  • Decred (DCR), ranked 49th, has gained over 35% and it is trading around $170 a piece. Biggest gainer of the week.
  • Theta Fuel (TFUEL), ranked 58th, has gained about 23% and the native fuel of THETA network is now trading around 32 cents a piece.
  • Chiliz (CHZ), ranked 61st, has gained over 13% and it is trading around 27 cents a piece.
  • Holo (HOT), ranked 62nd, has gained almost 25% and it is trading around 8 tenths of a cent per.
  • Enjin Coin (ENJ), ranked 67th, has gained over 25% and it is trading around $1.59 a piece.
  • Horizen (ZEN), ranked 72nd, has gained over 11% and it is trading around $107 a piece.
  • Qtum (QTUM), ranked 73rd, has gained over 20% and it is trading around $11.66 a piece.
  • Nexo (NEXO), ranked 77th, has gained over 15% and is trading around $1.97 a piece.
  • BakeryToken (BAKE), ranked 96th, has gained over 23% and it is trading around $4.02 a piece.

Biggest Dollar Decreases

Unlike last week where this was an enormous section filled with assets experiencing great drops in value, this week we have a tamer section, with most losses being quite normal. Here are the biggest losers from the past week:

  • Dogecoin (DOGE), ranked 7th, has lost over 6% and it is trading around 31 cents a piece.
  • Internet Computer (ICP), ranked 11th, has lost over 23% and it is trading around $113.09 a piece.
  • Stellar (XLM), ranked 16th, has lost over 6% after losing 35% last week and it is trading around 40 cents a piece.
  • SHIBA INU (SHIBA), ranked 33rd, has lost over 10% after losing 42% and 46% the last two weeks and is trading at a small fraction of a cent.
  • Avalanche (AVAX), ranked 46th, has lost over 4% after losing 46% last week and it is trading around $17.61 a piece.
  • Hedera HashGraph (HBAR), ranked 53rd, has lost over 8% and it is trading around 22 cents a piece.
  • Synthetix (SNX), ranked 64th, has lost over 8% and it is trading around $12.84 a piece.
  • Waves (WAVES), ranked 65ht, has lost almost 20% and it is trading around $13.35 a piece.
  • Revain (REV), ranked 79th, has lost over 25% and it is trading around 1.2 cents a piece.
  • Harmony (ONE), ranked 86th, has lost almost 10% and is trading around 9.6 cents a piece.

Will Bitcoin Get Back to $40k?

My question from last week remains the same, as Bitcoin is seemingly trading in a range between $34 and $40k, with $40k seeming like a big resistance zone. If Bitcoin can reclaim $40k and then $42k it is likely we will see a good pump, however, if it gets rejected, we are likely to remain rangebound for a period of time. The market may be boring for the next while.

Even without making big gains this week, Bitcoin is currently trading at about $37k, completely outperforming its price from this time last year. On May 31, 2020, Bitcoin was trading at just under $9.5k, so it is almost 4x higher than it was last year at this time.

Bitcoin Still Losing on Weekly But Ahead YTD

Bitcoin has lost just about 2.5% over the past week, but even still the traditional markets are not faring much better. The Dow Jones Industrial Average and S&P 500 Index both put in gains of about 1% on the week. Neither move is all that significant, and it is once again worth pointing out how much Bitcoin is outperforming both of these markets on the charts for the year.

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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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