Bitcoin rallied toward its all-time high on Monday and ether climbed to a fresh record as cryptocurrencies rode a wave of momentum, flows, favourable news and inflation fears.
More than 4% to as high as $66,170 jumped Bitcoin, approaching the unprecedented $67,016.50 level reached on Oct. 20. Meanwhile ether – which underpins the Еthereum network – sat at a record top of $4,768.07.
Kyle Rodda, analyst at broker IG Markets said Reuters:
“Falling real yields, as traders brace for inflation, adds to the attractiveness of assets such as gold and cryptocurrencies which do not pay a coupon. The mood in the sector has also been good.”
Ether is up around 59% since the start of October and bitcoin about 51% as investors have cheered last month’s launch of a U.S. futures-based bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge.