Bitcoin increased its value by over 6% on the day, managing to break the $47,000 level as a result of increased demand from buyers.
The King of Crypto reached a 24-hour high of $47,359 and now is registering a 62.2% year-to-date return, according to data from CoinDesk. The current price is slightly above the $47,000 level.
Daniel Kim, the head of capital markets at Maple Finance declared: “What we’re seeing are market participants testing this level and reacting to the positive news from Coinbase.”
He also added:
“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.’ Over the past 2 weeks, we’ve seen our institutional USDC borrowing demand significantly grow.”
Other cryptos that have registered an important growth during this time period are Cardano, Ether, Polkadot, Uniswap, and Polygon.