Bitcoin reaches new all-time highs in many fiat currencies

Bitcoin broke through the $70,000 mark (about 66,000 euros) last night after months of sideways movement and continued its advance, peaking around $71,500 (67,500 euros) in the interim. At the time of writing, the price stands around $71,200 (67,200 euros), representing an increase of nearly five percent in the past 24 hours.

Other crypto currencies also posted hefty gains: Ethereum rose 5.4 percent, Solana 3.6 percent, and DOGE even more than 15 percent. The popular AI mecoin Goatseus Maximus also rose more than 16 percent. Bitcoin's rapid rise led to the liquidation of $175 million (165 million euros) in short positions.

In many fiat currencies, such as the Norwegian krone and the Mexican peso, Bitcoin already reached new all-time highs. MicroStrategy shares also rose nearly nine percent yesterday. The company, like Coinbase, will present its quarterly results this week.

According to CryptoQuant analyst Mignolet, the rally is largely due to large purchases by so-called whales on the crypto exchange Binance, especially during Asian trading hours. Many analysts also explain the positive price trend in the crypto market by the increasing chances investors attribute to Donald Trump for winning the US presidential election, where he is considered the more crypto-friendly candidate.

Traders expect Bitcoin to reach new records by the end of November, with options expiring on Nov. 8 and high Open Interest at a "Strike Price" of $75,000 (70,000 euros).

Yet broader interest in crypto still seems to be out. Coinbase is currently at number 482 in the U.S. App Store, compared to a top 20 position when BTC was previously at $71,000 (67,200 euros). Google Trends also shows that searches for "Bitcoin" and "crypto" are still near all-time lows.