- >Price Check: Rampaging Bitcoin Bulls Eye $14,000+
Price Check: Rampaging Bitcoin Bulls Eye $14,000+
Bitcoin has been taking significant steps over the past few weeks, and now the asset seems firmly entrenched above the $13k threshold, with an eye on $14k. After another positive week, the king of crypto is sitting around $13.5k and is showing now signs of weakness. Bitcoin seems to be doing its own thing though, and almost every other asset in the top 50 by market cap is in the red for the week, something that is quite rare when Bitcoin has been going up as frequently as it has.
Evan Jones | Nov 11, 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
As with last week, despite Bitcoin’s significant increase, there are only a handful of assets in the top 50 with positive dollar gains over the past week, and some of those gains are not even 0.5%. As such is the case, we will be expanding our market view for the week. Here are the biggest gainers from the past week:
- Wrapped Bitcoin (WBTC), ranked 18th, has gained nearly 4%, the tokenized version of Bitcoin used for DeFi on Ethereum follows nearly the same price movements as the real asset.
- Celsius (CEL), ranked 42nd, has gained nearly 10% and is trading around $1.38 a piece.
- Waves (WAVES), ranked 43rd, followed last weeks 5% gain with a modest 0.5% gained this week and is trading around $3.12 a piece.
- Ocean Protocol (OCEAN), ranked 60th, saw a nearly 10% gain and is trading around 46 cents a piece.
- Energy Web Token (EWT), ranked 65th, has gained just over 3% and is trading around $5.91 a piece.
- Nexo (NEXO), ranked 87th, is our biggest gainer in the top 100 with nearly 25% gained. It is trading around 17 cents a piece.
- Blockstack (STX), ranked 88th, has gained just over 6% and is trading at just under 15 cents a piece.
Biggest Dollar Decreases
The gains by Bitcoin this week have resulted in another red week for the rest of the crypto market, as with the last two weeks. With almost every top 50 asset in the red this week there will be quite a few inclusions in this section this week. Here are the biggest dollar value decreases over the past week:
- Polkadot (DOT), ranked 9th, lost just over 10% this week and is trading around $4.07 a piece.
- Crypto.com Coin (CRO), ranked 16th, the native token of Crypto.com Exchange continued its decline this week with another 15% lost after losing over 14% last week and is trading at just over 8 cents a piece.
- Filecoin (FIL), ranked 25th, lost just under 13% and is trading around $29.84 a piece.
- Huobi Token (HT), ranked 26th, the native token of Huobi Exchange has lost 15% and is trading around $3.75 a piece.
- Cosmos (ATOM), ranked 22nd, lost over 11% and is trading around $5.01 a piece.
- Uniswap (UNI), ranked 35th, lost 13% after losing over 18% last week and is trading around $2.26 a piece.
- Aave (AAVE), ranked 39th, lost over 15% and is trading around $30.23 a piece.
- Ontology (ONT), ranked 40th, lost 14% after losing over 11% last week and is trading at just over 43 cents a piece.
- Yearn.finance (YFI), ranked 45th, continued its decline with another 23% lost this week after 8% last week. It is trading around $10,352 a piece.
- Synthetix Network Token (SNX), ranked 48th, lost 25% after losing 8% last week as well and is trading around $2.65 a piece.
- Basic Attention Token (BAT), ranked 49th, the native token of the Brave Browser has lost just over 13% and is trading around 18 cents 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 a lot of other assets that have lost value trading for Bitcoin. As with last week, apart from the most significant gainers in the increases section, almost every asset lost value trading for Bitcoin. Here are some of the biggest loser trading for Bitcoin:
- Ripple (XRP), ranked 4th, has lost just under 9%.
- Chainlink (LINK), ranked 6th, lost just over 9%.
- Binance Coin (BNB), ranked 7th, the native token of Binance Exchange has lost 12%.
- Bitcoin SV (BSV), ranked 10th, lost just over 12%.
- Cardano (ADA), ranked 12th, has lost just under 12%.
- EOS, ranked 13th, has lost just over 11%.
- Neo (NEO), ranked 21st, has lost over 13%.
- Cosmos (ATOM), ranked 22nd, has lost over 12%.
- VeChain (VET), ranked 29th, has lost over 14%.
- Ethereum Classic (ETC), ranked 33rd, has lost just under 14%.
Bitcoin Headed to $14k?
The question last week was whether Bitcoin could get over the $13k threshold and stay there, and the answer was given pretty quickly. Now the question becomes whether it can get over the $14k threshold, as another 5% gain by the asset sees it sitting firmly around $13.5k and it touched the upper end of the $13ks briefly over the past week.
Bitcoin continues to eclipse its price at this time last year, well above what it was trading for. On November 2, 2019, Bitcoin was trading at just over $9.3k, so it is just over $4,000 above where it was last year.
Bitcoin Beats Traditional Markets
With its nearly 5% gain this week, Bitcoin has crushed the performances of the traditional markets, which continued their downward trends amidst economic uncertainty in the US. The Dow Jones Industrial Average and the S&P 500 Index have lost about 3% each over the past week. They lost a little last week as well. Bitcoin gaining almost 5% while the traditional markets have been losing may cause some more bullish movement for the digital gold asset. The looming US election will also play factor.