Hourly spot volume across multiple exchanges clocked the highest point since August 13.
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, CoinDesk data shows. Current prices are resting just above the $47,000 price tag with one BTC (+4.79%) 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.