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 by market cap has hit a 24-hour high of $47,359 and is now posting a 62.2% year-to-date return, CoinDesk data shows. Current prices are resting just above the $47,000 price tag with one BTC 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 two weeks, we’ve seen our institutional USDC borrowing demand significantly grow.”