Ether, the native token of Ethereum’s blockchain, also broke its previous record early Monday; its price briefly passed $4,700 around 1:00 UTC, according to CoinDesk data.
Yuya Hasegawa, crypto market analyst at Japan’s exchange bitbank, said sinking real or inflation-adjusted bond yield may be powering bitcoin higher.
On-chain data also show bullish signs for bitcoin in the medium term, said Eddie Wang, senior analyst at OKLink research, crypto exchange OKEx’s on-chain data research arm.
The analyst noted that 6,022 wrapped bitcoin were printed on Ethereum in the last seven days, and Tether printed 1 billion ERC-20 USDT on Nov.
Data tracked by blockchain analytics firm Chainalysis shows renewed accumulation by large investors, i.e., whales.
A combination of rising costs and sideways price action often forces traders to trim long positions, leading to a price pullback.
Kukan said the sideways action seen in the past couple of weeks was a typical bull market pause.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.