Bitcoin is up more than 6% on the day after breaching $47,000 on the back of strong buyer demand.
The world’s largest crypto has hit a 24-hour high of $47,359 and is now posting a 62.2% year-to-date return, which Coindesk data shows. Current prices are resting just above the $47,000 price tag with one BTC (+4.85%) fetching roughly $47,100.
“What we’re seeing are market participants testing this level and reacting to the positive news from Coinbase”, said Daniel Kim, head of capital markets at Australia-based decentralized lending company Maple Finance.
Hourly spot volume across multiple exchanges also clocked the highest point in a week (Aug. 13), meanwhile, daily volume on Thursday registered higher volume than the day prior confirming the upward momentum.
“We’ve been hearing commentary that hedge funds were viewing $45,000-$50,000 as a key level for it to be a ‘bitcoin market,’ Kim said. “Over the past 2 weeks, we’ve seen our institutional USDC (-0.04%) borrowing demand significantly grow.”
Other cryptos in the top 20 by market cap have also jumped considerably with cardano (ADA. +17.76%), Ether (ETH, +6.53% ), Polkadot (DOT,, +11.11%), Uniswap (UNI,+7.55%) and polygon (MATIC , +12.64%) having clocked the largest gains over a 24-hour period.