- >Price Check: Is it Altcoin Season?
Price Check: Is it Altcoin Season?
Many people expected that after Bitcoin’s halving occurred its price would steadily rise but instead it has retraced back down below $9k. Meanwhile many altcoins are seeing significant increases in value, especially in terms of trading for Bitcoin.
Evan Jones | Oct 13, 2020
The money that flowed into Bitcoin during the pre-halving hype has been steadily returning to the altcoins that just two weeks ago were experiencing values losses of over 10%. Some altcoins in particular are experiencing incredible value increases.
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
While only one crypto asset in the top 10 that has gained dollar value this week it should be noted that Bitcoin’s value has gone down which makes it seem like altcoins are in the red. If you instead look at the same altcoins’ value when trading for Bitcoin you would see that only 3 assets in the top 50 are in the red, meaning while they are losing dollar value, they are gaining Bitcoin value.
Tether (USDT), ranked 3rd, is the only dollar value gainer, but it is a modest 0.2% since it is a stable coin and cannot be worth more than $1. It is essentially being used as a hedge and value holder for people just in case Bitcoin drops any further.
Just outside the top 10 we have the Crypto.com Coin (CRO), ranked 14th, seeing an absolutely massive dollar value increase of 11%, which is so impressive with Bitcoin’s value decreasing. The native coin of the Crypto.com Exchange, CRO, is now worth a little over 7.5 cents a piece, and when trading for Bitcoin it has actually gained over 20%. Crypto.com Syndicate events seem to keep interest in this alt very high.
UNUS SED LEO (LEO), ranked 15th, was the only dollar value loser in the top 50 last week, but this week it can claim to be one of the only dollar value gainers, with an increase of just over 5%. It is now worth about $1.15 a piece.
Expanding out to the top 50 we can find many more altcoins experiencing some significant dollar value gains.
THETA, ranked 30th, saw a enormous 93% gain this week and is now worth a little over 36 cents a piece. This follows last week’s 33% gain and gives it a 10-position jump from 40th to 30th.
Last week OmiseGO (OMG) had a very nice gain of about 46% and was sitting just outside the top 50 at 51st. This week it has seem an even bigger increase, gaining 76% and moving it up to 38th. OMG is now worth around $1.71 a piece.
ICON (ICX), ranked 40th, has also had a very good week, with 16% gained. It is now worth just over 33 cents a piece.
Finally we have Enjin Coin (ENJ), ranked 46th, which has seen a very nice gain of over 18% and is now worth over 18 cents a piece.
Biggest Dollar Decreases
Last week there was only one asset in the top 50 that lost dollar value, as Bitcoin had gained 10%, but this week is the opposite situation. Bitcoin has lost around 8% in value over the past week meaning many alts lost dollar value this week. Though as noted before most have actually gained value when trading for Bitcoin, so most of the dollar value losses range from under 1% to 5%.
However, there are still some assets that did lose significant value:
HedgeTrade (HEDG), ranked 23rd, and a frequent part of this column for both its ups and downs, saw a rather large dollar value loss of just under 15%. It is now worth just under $2 a piece.
0x (ZRX), ranked 39th, saw a loss of around 13% and is now worth just over 32 cents a piece.
Hyperion (HYN), ranked 49th, continued its rollercoaster, losing over 22% this week and now sitting around 45 cents a piece. Last week it appeared in this column for a 45% gain, the week before a 29% loss, and the week before that a 265% gain. Rollercoaster.
Biggest Losers Trading Against Bitcoin
While essentially every asset in the top 50 lost dollar value this week, only 3 in the top 50 lost value when trading for Bitcoin. Every other asset in the top 50 gained value when trading for Bitcoin, some very significantly.
As you might expect the three losers are the ones noted in the section above, as they had the most significant dollar value losses:
HedgeTrade lost around 6% when trading for Bitcoin, and 0x lost 6% as well. Hyperion lost about 15% when trading for Bitcoin.
Bitcoin Experiencing Retracement and Support Tests
Bitcoin saw a nearly 9% loss this week after gaining about 10% last week and is now worth around $8.8k
Many Bitcoin hodlers were expecting its value to steadily increase as the months go by, but in true Bitcoin fashion it has instead moved backwards.
Compared to this time last year, Bitcoin is worth almost the same as it was then, as it reached $8.9k on May 27, 2019. This breaks a pattern of Bitcoin outperforming its price from the previous year that we have seen since this segment started 2 months ago.
Back in Line with Traditional Markets?
Bitcoin, which outperformed both the Dow and S&P threefold last week, did not fare nearly as well this week. The Dow did lose value as well, but less than 1 percent compared to Bitcoin’s 9%, and the S&P actually saw a green week, though again, less than 1 percent.
Cryptocurrency pundits everywhere would like to see this section go back to how it had looked the previous two weeks when it seemed that Bitcoin may have decoupled from the markets and significantly outperformed them. Though seeing as it experienced a greater loss than the traditional markets, maybe it is decoupled after all, as usually the losses are similar.