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Price Check: Regression Week for Bitcoin as DeFi Assets Rise

Bitcoin had a down week, falling down below $9.2k for the first time in a few weeks. Though the decline was minimal it affected most altcoin prices, resulting in a mostly red market chart. That said, there were some altcoins that performed well over the past week, and assets related to Decentralized Finance made some huge gains as well.

Bitcoin slight dip

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

With Bitcoin in the red over the past 7 days it should come as no surprise that there are many losers this week in the top 50. While the king of crypto pulled some assets down with it, there are a few absolute standouts and some altcoins showing strength. Here are some of the biggest gainers from the past week:

  • Chainlink (LINK), ranked 10th, had a gigantic 50% increase last week, moving it up a few spots in 10th. It followed that with another 4% gained this week and it is currently trading at about $7.79 a piece.
  • Stellar (XLM), ranked 14th, also had a big week last week with a 35% gain and followed it with another 5% gain this week. It is currently worth just under 10 cents a piece.
  • UNUS SED LEO (LEO), ranked 17th, lost just over 7% in value last week but had a nice 5% gain this week bringing its value back up to $1.17 a piece
  • Aave (LEND), ranked 31st, had a huge 40% gain over the past week and is now trading at just under 32 cents a piece.
  • Synthetix Network Token (SNX), ranked 36th, also had a huge 40% gain over the past week and is now worth about $3.77 a piece.
  • Algorand (ALGO), ranked 38th, did not quite hit the 40% mark, but gained 38% over the past week and is now worth a little over 38 cents a piece.
  • Ampleforth (AMPL), ranked 41st, had a nice 22% gain over the past week and is now trading around $2.92 a piece.

Biggest Dollar Decreases

With Bitcoin in the red this week there are a lot of assets experiencing value losses this week. Unlike last week there are many assets in the red over the past 7 days including many top 10 assets losing over 5% in value over the course of the week. Here are the biggest dollar value decreases:

  • Bitcoin SV (BSV), ranked 6th, snuck back ahead of Cardano but still lost 7% in value this week and is now worth about $170 a piece.
  • Cardano (ADA), ranked 7th, dropped 7% over the past week as well and is now trading at just over 12 cents a piece. After a few consecutive weeks of 20%+ gains a retracement seemed inevitable.
  • Litecoin (LTC), ranked 8th, lost about 5% in value over the past week and is now worth about $42.23 a piece.
  • Binance Coin (BNB), ranked 9th, also lost about 5% in value this week. The native token of Binance Exchange is now worth around $17.64 a piece.
  • Tezos (XTZ), ranked 13th, had a down week after a rally last week, dropping a little over 3% and now trading around $2.88 a piece.
  • VeChain (VET), ranked 19th, lost about 13% this week and is now worth a little over 1.5 cents a piece.

Biggest Losers Trading Against Bitcoin

The same assets in the Biggest Dollar Decreases section are the biggest losers when trading for Bitcoin this week. But seeing as we have a down week across the entire top 100 assets by market cap we will highlight some other losers. Here are some of the biggest loser trading against Bitcoin:

  • Bitcoin Cash (BCH), ranked 5th, lost about 3% in value when trading for Bitcoin.
  • Tron (TRX), ranked 17th, also lost about 3% when trading for BTC.
  • Ethereum Classic (ETC), ranked 23rd, lost 4%.
  • Dash (DASH), ranked 25th, also lost 4%.
  • Zcash (ZEC), ranked 26th, lost just over 5%.
  • Elrond (ERD), ranked 56th, lost over 8% trading for Bitcoin after a massive 120% gain last week.

Bitcoin Loses a Little Value

Bitcoin lost about 1% in value over the past week, but it still seems to be rangebound between $9k and $9.5k, unable to gain any ground over the high end of that range but unwilling to drop below $9k either. It is currently trading around $9.1-9.2k.

Even with the drop in value there is little to be concerned with, as 1% is quite a small drop as far Bitcoin is concerned, and it is still sitting within its somewhat stable value range of $9-9.5k.

As with the previous three weeks Bitcoin is worth less than it was at this time last year, as on July 20, 2019 it was trading at just about $10.7k, which is about $1,500 more than it is trading for today. This trend has been continuing for weeks as Bitcoin has been rangebound. That being said the gap in value is less than it was during the last two editions of this price check piece.

Bitcoin Has Lost to Traditional Markets for a Month Now

Though it out-gained the traditional markets a few weeks ago, Bitcoin has lost to the Dow Jones Industrial Average and the S&P 500 Index for the past four weeks. It lost a little over 1% this week whereas the Dow and S&P both saw gains of over 2% over the past week.

That marks an entire month of being outperformed by traditional markets, not something that holders want to see when looking at market charts. That being said, neither the traditional or crypto markets have made big gains over that timeframe, but it is a little concerning that over a month long period Bitcoin has lost value overall whereas both the Dow and S&P have made positive gains.