Bitcoin (BTC), the leading cryptocurrency, continues to make headlines as it achieves unprecedented levels against various fiat currencies. Although it has yet to surpass its all-time high (ATH) in USD, Bitcoin has accomplished a new ATH against the euro (EUR) and several other currencies, showcasing its robust performance in the global financial market.
Bitcoin Reaches New Heights Against the Euro
On October 29, Bitcoin soared past €68,000, equivalent to $73,561, marking a new ATH against the euro. This significant milestone was observed across several cryptocurrency exchanges, including Binance, underscoring Bitcoin’s growing dominance.
Historical Context and Recent Developments
This achievement is noteworthy as it is the first time since March 2024 that BTC has recorded a new ATH against the euro. Despite Bitcoin’s near brush with a new USD ATH, it narrowly missed the mark, dropping from $73,620 to $71,805 at the time of writing. This divergence in performance between the euro and USD can be attributed to fluctuations in the dollar’s strength.
Back on March 14, when BTC last hit its USD ATH of $73,737, the USD/EUR exchange rate was 0.9113. Presently, this rate has shifted to 0.9238, indicating a relative weakening of the euro against the dollar. This change is largely driven by the US Federal Reserve’s strategic decision to hike interest rates, aiming to curb inflation and stabilize the economy.
Bitcoin’s ATH Achievements Against Other Currencies
In addition to the euro, Bitcoin has also reached new ATHs against other major currencies. Notably, it exceeded CAD 102,000, translating to approximately USD 73,225, against the Canadian Dollar (CAD). Furthermore, Bitcoin continues to achieve ATHs against weaker and hyperinflated fiat currencies, including the Turkish Lira, Argentine Pesos, and Russian Ruble, further solidifying its global appeal.
The Anticipation for BTC’s USD ATH
Bitcoin’s remarkable performance arrives at a pivotal moment, with the upcoming US presidential elections, the anticipated effects of BTC halving, and a noticeable increase in stablecoin demand. These factors create a dynamic backdrop for Bitcoin’s price trajectory.
Market Dynamics and Trading Volume Insights
While Bitcoin’s new ATH against the euro is encouraging, the broader crypto market remains eager for a USD-denominated ATH. This is largely due to the fact that most crypto trading is conducted in USD or USD-pegged stablecoins like USDT and USDC. Data reveals that the BTC/EUR trading pair generates significant volumes on platforms such as Bitstamp, Binance, and WhiteBit. However, these figures are overshadowed by the BTC/Korean Won (KRW) pair, which boasts trading volumes reaching up to $400 million daily, significantly surpassing other pairs.
Market Sentiment and Future Expectations
Recent data suggests that, despite Bitcoin flirting with ATH levels, traders are cautiously holding off on profit-taking around the $71,000 mark. This behavior indicates expectations of continued price appreciation based on current market momentum. According to seasoned analyst Peter Brandt, Bitcoin needs to achieve a daily close above $76,000 to confirm a true breakout. As of now, BTC is trading at $71,805, reflecting a 0.6% increase in the past 24 hours.
In conclusion, Bitcoin’s recent ATH achievements against multiple currencies highlight its resilience and potential as a leading digital asset in the evolving financial landscape. As the market watches closely, the anticipation for a new USD ATH continues to build, setting the stage for future developments in the cryptocurrency realm.
