Bitcoin
BTC$29 061.38

-3.12%

Ethereum
ETH$1 945.79

-4.82%

Tether
USDT$0.998827

-0.02%

USD Coin
USDC$1.000289

0.01%

Binance Coin
BNB$295.81

-1.43%

XRP
XRP$0.402156

-6.01%

Bitcoin clips $58K as Dogecoin stalls and adoption news fuels bulls


06 May 2021

#Bitcoin

New allocations from big business come as momentum behind the latest altcoin rally seems to shift away from familiar names. Bitcoin (BTC) touched $58,000 on Thursday as the latest phase of its comeback seemed to come at the expense of altcoins.

Bitcoin claws back lost limelight

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD’s return to battle familiar resistance near old all-time highs on Thursday. The move builds on strength from earlier in the week. As Cointelegraph reported, Wednesday saw $57,000 and 5% daily gains.

As analysts began to note, however, altcoins are facing increasing pressure from a newly invigorated Bitcoin, which just days before had been left in the shade by their performance. Thursday, thus, saw 4.4% growth on BTC/USD, while Binance Coin (BNB) and Dogecoin (DOGE), previously the week’s high flyers, were both flat. Other altcoins did manage to deliver impressive returns and beat Bitcoin on the day, notably Cardano (ADA) and Bitcoin Cash (BCH), which were up 16% and 22%, respectively, at the time of writing.

“Good start of the day: both ETHUSD and BTC bouncing from the expected levels,” popular trader Crypto Ed summarized about the state of the market. The largest cryptocurrency thus again faced final resistance beginning at just under $60,000. 

Bank BTC adoption strikes a chord

Bitcoin had benefited from a major United States bank adoption announcement, which was followed by news that the largest e-commerce company in Latin America, MercadoLibre, had added $7.6 million of BTC to its balance sheet.

“As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets,” a filing with U.S. regulator the Securities and Exchange Commission confirmed.

There are now six companies with at least $11.4 million in Bitcoin on their balance sheets, corresponding to at least 8,027 BTC. MicroStrategy, which only entered the market last August, is still by far the largest player with over 91,000 BTC.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 82 $29 061.38 -3.12% 8.51% $553 437 248 437 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 82 $1 945.79 -4.82% 7.60% $235 121 509 369 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.998827 -0.02% 1.30% $74 126 138 317 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000289 0.01% -0.07% $52 357 980 078 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 60.4% 84 $295.81 -1.43% 29.99% $48 299 672 655 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 67.2% 71 $0.402156 -6.01% 13.86% $19 441 465 904 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $1.001637 0.15% -0.51% $18 442 645 566 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.2% 79 $0.507175 -10.38% 24.64% $17 118 441 820 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 63.2% 84 $50.46 -9.61% 21.41% $17 028 947 492 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 87 $0.084029 -5.92% 15.94% $11 148 185 698 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 60.4% 78 $9.56 -9.71% 24.98% $9 442 068 849 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.6% 82 $29 050.66 -2.98% 8.69% $8 132 816 754 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 82 $28.87 -14.48% 10.65% $7 769 271 253 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 70.8% 55 $0.071382 -0.71% -2.34% $6 964 115 705 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.6% 1 $1.000090 0% 0.05% $6 501 036 897 DAI 7 days price change

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