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Prick Check: Bitcoin Teeters Near the Sub-$30,000 Precipice

Bitcoin continues be very rangebound, having not closed above $40k or below $30k for now two months, but it is now sitting at the bottom of that range, just above $30.5k, and it remains to be seen if the line will hold or if we are in store for yet another price drop for the market.

Meanwhile, the top 100 assets are not faring much better as we will soon see, as arranging it by percentage gained over the past week paints a picture of market fear, with just four non-stablecoin assets in the green this week. If Bitcoin is unable to hold the line, this will likely be the beginning of a big drop for almost all altcoins.

Evan Jones

Written by Evan Jones Cryptocurrency expert and consultant

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 v...

| Jul 16, 2024

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

As noted in the introduction, there are only 4 assets that are not stablecoins in the top 100 that are in the green this week, so this will be a short but sweet section, while the decreases are going to be plentiful. Here are the biggest gainers from the past week:

UNUS SED LEO (LEO), ranked 29th, has gained under 2% after gaining 17% last week and it is trading around $2.96 a piece.
Hedera HashGraph (HBAR), ranked 48th, has gained a little over 2.5% after losing over 8% last week and it is trading around 17 cents a piece.
Dash (DASH), ranked 58th, has gained just under 0.5% and it is trading around $131.01 a piece.
NEM (XEM), ranked 61st, is our biggest gainer of the week with just about 10% gained. It is trading around 13 cents a piece.

Biggest Dollar Decreases

Bitcoin sitting in the low $30k range has meant further bleeding for almost the entirety of the top 100, many assets repeating from last week and a few that had been gainers last week too. Here are the biggest losers from the past week:

Dogecoin (DOGE), ranked 7th, has lost just over 17% after losing 8% last week and it is trading around 17 cents a piece.
Polkadot (DOT), ranked 9th, has lost over 23% and it is trading around $11.62 a piece.
Uniswap (UNI), ranked 11th, has lost over 22% and it is trading around $15.80 a piece.
Solana (SOL), ranked 14th, has lost over 20% and it is trading around $24.75 a piece.
Polygon (MATIC), ranked 20th, has lost over 24% after losing 8% last week and it is trading around 76 cents a piece.
Internet Computer (ICP), ranked 21st, has lost over 20% after losing 13% last week and it is trading around $30.79 a piece.
THETA, ranked 23rd, has lost just under 30% and it is around $4.07 a piece.
Aave (AAVE), ranked 28th, has lost over 21% after gaining around 11% last week and it is trading around $239.07 a piece.
Terra (LUNA), ranked 31st, has lost over 23% after gaining 39% last week and it is trading around $6.09 a piece.
Cosmos (ATOM), ranked 40th, has lost just under 25% and it is trading around $10.24 a piece.
Amp (AMP), ranked 47th, has lost over 22% and it is trading around 4 cents a piece.
Theta Fuel (TFUEL), ranked 51st, has lost over 21% and it is trading around 26 cents a piece.
Stacks (STX), ranked 63rd, has lost over 26% after gaining 52% last week and it is trading around 90 cents a piece.
Synthetix (SNX), ranked 67th, has lost over 34% after gaining over 35% last week and it is trading around $8.38 a piece.
THORChain (RUNE), ranked 72nd, is our biggest loser of the week with just under 40% lost and it is trading around $3.74 a piece.
KuCoin Token (KCS), ranked 78th, the native token of KuCoin Exchange has lost over 23% after gaining 49% last week and it is trading around $9.66 a piece.
Flow (FLOW), ranked 81st, has lost over 23% after gaining over 72% last week and it is trading around $13.60 a piece.
Telcoin (TEL), ranked 84th, has lost over 32% after losing 23% last week and it is trading around 1 cent a piece.
Harmony (ONE), ranked 85th, has lost over 23% after gaining over 26% last week and it is trading around 6 cents a piece.
Celo (CELO), ranked 88th, has lost over 25% and it is trading around $2.29 a piece.
Ox (ZRX), ranked 99th, has lost over 22% after gaining over 11% last week and it is trading around 59 cents a piece.

Will Bitcoin Fall Below $30k?

With Bitcoin barely holding on to the bottom of its now two-month long price range, all eyes are on whether Bitcoin will be able to hold onto the $30k level, and what happens if it dips below. If it drops below and then goes back up that will be great news, but if it falls and stays below $30k it is anyone’s guess just what will happen to the price of the king of crypto. It is entirely possible it just stays the line for another month or two too.

Bitcoin is currently trading at just about $30.8k, still greatly outperforming its price from this time last year. On July 19, 2020, Bitcoin was trading at just over $9.1k, so it is just over 3x higher than it was last year at this time even with this further drop down over the past week.

Bitcoin and Traditional Markets in the Red

Bitcoin has not had a good week, with about 8% lost, but neither have the traditional markets.

The Dow Jones Industrial Average is down over 3% and the S&P 500 Index is down just under 3%. Both traditional and crypto investors are likely hoping for some sort of relief rally, as investment markets in general have been having issues making gains over the past couple months.