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Bitcoin Increases by 6%, Passing $47,500 on Strong Buyer Demand

On the strength of robust buyer demand, Bitcoin is up more than 6% on the day after breaking over $47,000.

The world's biggest cryptocurrency has reached a 24-hour high of $47,359, giving it a year-to-date return of 62.2 percent. Bitcoin prices are now hovering just over $47,000, with one BTC costing about $47,100.

“What we're witnessing is market players testing this level and responding to Coinbase's good news,” said Daniel Kim, head of capital markets at Maple Finance, an Australian decentralized lending firm.

Daily volume on Thursday was greater than the day before, continuing the rising trend. Hourly spot volume across several exchanges also reached its highest point in a week (Aug. 13).

“We've been hearing that hedge funds see $45,000-$50,000 as a critical threshold for it to be a ‘bitcoin market,'” Kim added. “In the last two weeks, we've witnessed a substantial increase in institutional USDC borrowing demand.”

Cardano, ether, polkadot, uniswap, and polygon are among the top 20 cryptos by market cap, with cardano, ether, polkadot, uniswap, and polygon seeing the most increases in a 24-hour period.

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