Historical maximum of bitcoin against the euro, the pound, the yen...
Bitcoin continues its rise and is already trading at all-time highs against currencies such as the euro, the pound sterling, the Australian, Canadian and New Zealand dollars, and the Japanese yen.
Against the US dollar, bitcoin is currently at $66,700, just 4% below the all-time high. If the price continues its current trajectory, we may see $69,000 and a new all-time high against the US dollar later this week.
The driving force behind the price movement remains bitcoin spot ETFs, which continue to acquire bitcoin in significant quantities. The daily amount acquired is currently 10 times the daily new issuance of bitcoins coming into circulation from mining block rewards. Demand is rapidly outstripping supply.
Additionally, on-chain metrics that measure exchange reserves, that is, the total number of bitcoins held on cryptocurrency exchanges, continue to decline, falling 0.25% over the past seven days. A declining exchange reserve is generally perceived as positive for bitcoin prices as it indicates potentially lower selling pressure.
Other top crypto assets have also benefited from the bullish sentiment. Ethereum has once again surpassed $3,500, the highest price since January 2022, and Solana reached $135, the highest price since March 2022.
