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

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Bitcoin has broken through $5,800 to hit a new high of $5858, while Dogecoin is in the red, while a range of altcoins have been gaining. At the time of writing, the bitcoin-US dollar (BTC/USD) exchange rate is $5,878.64, up from $5,785.00 on April 10. Bitcoin traded at $5,786.87 on April 10. The cryptocurrency’s price has been rising since it bottomed out at $5,254.58 on April 2, with bullish predictions from the likes of John McAfee, founder of the popular McAfee antivirus software and now Bitcoin supporter. Meanwhile, Dogecoin (DOGE/USD) has

Bitcoin has continued to establish new highs in the market, as the leading cryptocurrency pushed past $58,000 before correcting to $57,500. The correction is a small one, and if the $58K mark holds, Bitcoin will be up more than 150% from its recent low of $20K a month ago. Two other small cap cryptocurrencies, Dogecoin and Tether, are also seeing heavy volume and trading gains, with Dogecoin more than doubling in value today after an announcement that it would launch a new decentralized exchange on the Bitcoin blockchain.

Bitcoin (BTC) peaked on May 6. The $58,000 limit as the final step in its comeback seems to be at the expense of altcoins.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Bitcoin regains lost popularity

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD struggled again on Thursday with familiar resistance near old all-time highs.

This move builds on the strength achieved earlier in the week. Cointelegraph reported $57,000 and a daily gain of 5% on Wednesday.

But, as analysts are beginning to point out, altcoins are coming under increasing pressure from the newly revitalized bitcoin, which was itself left in the shadows for its performance only days before.

For example, BTC/USD gained 4.4% on Thursday, while Binance Coin (BNB) and Dogecoin (DOGE), previously the top performers of the week, remained flat.

Other altcoins still managed to offer impressive returns and outperform bitcoin on the day, including Cardano (ADA) and Bitcoin Cash (BCH), which are up 16% and 22% respectively at the time of writing.

A good start to the day: ETHUSD and BTC both rebounded from expected levels, a popular crypto ed trader summed up the market situation.

Thus, the largest cryptocurrency again faced end resistance starting just below $60,000.

BTC/USD buy and sell levels (Binance). Source: Material displays

Banks’ acceptance of BTC finds acceptance

Bitcoin benefited from the announcement that it is being accepted by a major US bank, followed by the news that Latin America’s largest e-commerce company, MercadoLibre, added $7.6 million in BTC to its balance sheet.

As part of our cash strategy, we acquired $7.8 million worth of bitcoins this quarter, a digital asset that we report as indefinite-lived intangible assets, the company confirmed in a filing with the U.S. Securities and Exchange Commission (SEC).

Currently, six companies have at least $11.4 million worth of bitcoins on their balance sheets, which equals at least 8,027 BTC. MicroStrategy, which only entered the market last August, remains the largest player with over 91,000 BTC.

This source has been very much helpful in doing our research. Read more about dogecoin news update 2020 and let us know what you think.

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