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Bitcoin is up more than 6% on the same day after going above $ 47,000 due to strong demand from buyers.
The world’s largest crypto hit a 24-hour high of $ 47,359 and is now posting a 62.2% year-to-date return, according to data from CoinDesk. Current prices are just above the $ 47,000 price tag with a BTC hitting around $ 47,100.
“What we are 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 firm Maple Finance.
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Hourly spot volume on several exchanges also reached the highest point in one week (August 13), while Thursday’s daily volume recorded higher volume than the day before, confirming the upward momentum.
“We’ve heard comments that hedge funds see $ 45,000 to $ 50,000 as a key level for it to be a ‘bitcoin market,’ Kim said.“ Over the past 2 weeks we’ve seen our demand for USDC institutional loans increase dramatically. “
Other cryptos in the top 20 by market cap also rose significantly, with Cardano, Ether, Polkadot, Uniswap, and Polygon seeing the biggest gains in a 24-hour period.
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