Bitcoin
BTC$16 999.10

0.30%

Ethereum
ETH$1 258.79

-0.89%

Tether
USDT$1.000138

0.01%

Binance Coin
BNB$289.87

-0.40%

USD Coin
USDC$1.000102

0.01%

Binance USD
BUSD$1.000239

0.01%

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 74.4% 45 $16 999.10 0.30% 2.81% $326 793 694 340 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $1 258.79 -0.89% 3.82% $154 042 450 353 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000138 0.01% 0.06% $65 505 283 273 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72.8% 54 $289.87 -0.40% -7.09% $46 371 221 042 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000102 0.01% -0.01% $43 358 494 798 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $1.000239 0.01% 0.07% $22 157 473 654 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 78% 44 $0.388809 -1.23% -3.85% $19 541 690 215 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 63.2% 79 $0.103561 1.75% 1.87% $13 739 497 371 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 66.4% 68 $0.320391 -1.17% 1.19% $11 037 404 828 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 67.2% 69 $0.912162 -1.15% 6.57% $7 967 115 477 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 71.6% 56 $5.53 -0.48% 2.89% $6 315 400 348 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $1.000046 0.02% 0.06% $5 687 378 055 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 77 $76.27 -0.54% -0.95% $5 472 754 389 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 74% 50 $0.053237 -1.60% -0.26% $5 412 950 383 WTRX 7 days price change

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