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Price Check: Relentless Bitcoin Bull Run Eclipses $28,000

Bitcoin is showing no signs of slowing down as 2020 draws to a close.

The king of crypto easily surpassed the milestone $25,000 price mark last week and reached as high as $28.2k at one point. Yet another week of significant gain for the king of crypto has brought most altcoins up with it, with quite a few seeing gains of over 50%.

The Bitcoin rocket ship just keeps flying higher

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

Bitcoin’s continued ascent has created some big winners over the past week, its value jumping over 15% resulted in a fairly even split between gainers and losers, some assets gained dollar value but lost value trading for Bitcoin. Here are the biggest gainers from the past week:

  • Ethereum (ETH), ranked 2nd, has gained over 18% and is trading around $729.98
  • Litecoin (LTC), ranked 5th, has gained another 19% after gaining over 33% last week and is trading around $130.53 a piece.
  • Bitcoin Cash (BCH), ranked 6th, has gained around 12% after gaining just under 20% last week and is trading around $364.64.
  • Polkadot (DOT), ranked 7th, has gained over 26% and is trading around $6.27 a piece.
  • THETA, ranked 20th, has gained a massive 56% after gaining just under 18% last week and is trading around $1.42 a piece.
  • Celsius (CEL), ranked 26th, has gained over 59% after gaining 22% last week and is trading around $4.53 a piece.
  • Zilliqa (ZIL), ranked 33rd, is our biggest gainer of the week with over 74% gained after gaining 47% last week and is trading around 8.5 cents a piece.
  • Synthetix (SNX), ranked 34th, has gained over 35% after it gained just under 20% last week and is trading around $7.91 a piece.
  • Decred (DCR), ranked 47th, has gained over 25% and is trading around $39.41 a piece.
  • OKB, ranked 50th, has gained over 29% and is trading around $7.37 a piece.

Biggest Dollar Decreases

The even split between red and green in this week’s chart gives us quite a few value losers to look at. People selling altcoins to gain Bitcoin often results in some fairly big losers. Here are the biggest dollar value decreases over the past week:

  • Ripple (XRP), ranked 4th, is our biggest loser of the week with over 45% lost and is now trading around 28 cents a piece.
  • Stellar (XLM), ranked 12th, has lost just under 10% and is trading around 15 cents a piece.
  • Bitcoin SV (BSV), ranked 13th, has lost just under 3% and is trading around $169.69.
  • EOS, ranked 16th, has lost over 4% and is trading around $2.87 a piece.
  • NEM (XEM), ranked 17th, has lost over 15% after being one of our biggest gainers last week and is trading around 23 cents a piece.
  • Tezos (XTZ), ranked 19th, has lost just under 5% and is trading around $2.06 a piece.
  • Coin (CRO), ranked 22nd, the native token of Exchange has lost over 4% and is trading around 6 cents a piece.
  • Neo (NEO), ranked 25th, has lost just under 5% and is trading around $15.78 a piece.
  • Cosmos (ATOM), ranked 26th, has lost just over 4% and is trading around $4.92 a piece.
  • Filecoin (FIL), ranked 29th, has lost over 14% and is trading around $22.66 a piece.
  • The Graph (GRT), ranked 45th, has lost over 33% and is trading around 42 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 other assets that have lost value trading for Bitcoin. Most assets did gain value trading for Bitcoin this week though, so there is less to choose from. Here are some of the biggest losers trading for Bitcoin:

  • Ethereum Classic (ETC), ranked 39th, lost just under 4% trading for Bitcoin.
  • (YFI), ranked 40th, lost over 5%.
  • Waves (WAVES), ranked 41st, lost over 2%.
  • Compound (COMP), ranked 42nd, lost over 4%.
  • Dogecoin (DOGE), ranked 43rd, has lost over 6% after being one of the biggest gainers last week.

Can Bitcoin Hold Over $27k?

Bitcoin continues to just answer my questions with little effort, breaking past $25k and getting as high as $28.2k before dropping back down into the $27k where it currently sits, threatening to dip below into the $26k range again. At this point I would not be surprised if we are talking about $30k sooner than later.

Bitcoin continues to blow its price at this time last year out of the water, well above what it was trading for. On December 28, 2019, Bitcoin was trading at just over $7.3k, so it is over 3x higher than it was last year at this time and was almost 4x at one point last week.

Bitcoin Continues to Outpace Traditional Markets

With under one percent gained this week, the Dow Jones Industrial Average and S&P 500 Index, are not even in the conversation when comparing performance compared to Bitcoin. With its 18% gain and not even 1% gained by either of the traditional markets, the decoupling of the crypto and traditional markets seems to be in full effect. With 2021 on the horizon one has to wonder how high Bitcoin can go.

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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.