Another day, another record high for bitcoinâ€™s price.
The top cryptocurrency printed a new peak price of $41,026 soon before press time, surpassing the lifetime high of $40,123 reached on Thursday, according to CoinDesk 20 data. Year-to-date gains are now over 40%.
Prices have more than doubled in less than a month in a move typical to bull market euphoria.
â€œFundamentals have gone out the window and irrational exuberance may accelerate bitcoin past the $50k level ahead of the second schedule,â€ Jehan Chu, CEO at Hong Kong-based trading firm Kenetic Capital, told CoinDesk.
The price rally is backed by an uptick in the on-chain activity and increased accumulation by large investors. For instance, the number of active addresses has surged to a record high of 1,343,925, surpassing the previous peak seen in December 2017, according to data provider Glassnode.
Bitcoinâ€™s rich list or the number of addresses holding at least 1,000 bitcoin has rebounded from the late-December dip to set a new lifetime high of 2,334.
At press time, bitcoin is changing hands near $40,880, representing a near-10% gain on a 24-hour basis.