Bitcoin {BTC} galloped to a new record high above $110,000 on Thursday, liquidating around $500 million worth of derivatives positions in its wake, but some traders aren't buying into the bullish sentiment.

Bitcoin breaks through $111,000 for the first time as investors seek alternatives to traditional safe havens amid weak demand for government bonds.

Bitcoin has hit another record high. But it hasn’t brought other cryptocurrencies along for the ride. Frances Yue covers the cryptocurrency market for MarketWatch.