Bitcoin (BTC) touched $58,000 on Thursday as the latest phase of its comeback seemed to come at the expense of altcoins.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
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.
BTC/USD buy and sell levels (Binance). Source: Material Indicators
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…
