Bitcoin
BTC$56 409.75

0.06%

Ethereum
ETH$4 502.38

0.10%

Binance Coin
BNB$613.96

0.16%

Tether
USDT$1.001459

0.11%

Solana
SOL$230.69

2.82%

Cardano
ADA$1.68

9.42%

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 70.8% 54 $56 409.75 0.06% -2.61% $1 065 549 908 073 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 32 $4 502.38 0.10% 1.67% $533 908 042 006 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 34 $613.96 0.16% -1.92% $102 409 523 073 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.001459 0.11% 0.10% $74 211 260 312 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 73.2% 59 $230.69 2.82% 12.10% $70 507 890 122 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 75 $1.68 9.42% 2.11% $56 038 092 489 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 64.8% 71 $0.970535 0.13% -6.02% $45 855 154 609 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 94% 2 $1.001277 0.27% 0.17% $39 103 668 339 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 65.2% 77 $35.59 1.24% -7.80% $35 145 425 116 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 80 $0.207628 1.70% -4.69% $27 481 399 440 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 67.6% 68 $66.93 5.65% 52.44% $25 971 315 011 LUNA 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62% 75 $106.73 -8.36% -7.72% $23 904 356 191 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 78 $0.000041 -1.75% 1.32% $22 616 002 259 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 60% 89 $0.688991 -2.59% -6.99% $17 405 985 331 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 71.6% 63 $2.11 0.94% 13.42% $14 799 705 460 MATIC 7 days price change

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