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Although Bitcoin (BTC) has yet to surpass its all-time high in US dollars (ATH), the major cryptocurrency has achieved new ATH against the Euro (EUR) and some other fiat currencies.
Bitcoin achieves a new ATH against the Euro
Bitcoin Transgression 68,000 euros ($73,561) on October 29, creating a new ATH against the euro. The largest cryptocurrency by market cap has reached this milestone on several cryptocurrency exchanges, including Binance.
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This is the first time since March 2024 that BTC has set a new ATH price against the Euro. Although Bitcoin has come very close to a new USD ATH, it has fallen by around $200, falling from $73,620 to $71,805 at the time of writing.
It is worth noting that the discrepancy between the performance of Bitcoin against the euro and the US dollar is due to changes in the strength of the dollar.
On March 14, when BTC last reached USD ATH of $73,737, the USD/EUR exchange rate was 0.9113. Currently, the rate is 0.9238, which indicates weakness of the euro against the dollar.
One of the main factors behind the dollar’s renewed strength is the decision by the US Federal Reserve to raise interest rates to bring inflation down to its 2% target level.
Bitcoin also achieved a new ATH against the Canadian Dollar (CAD), recording a price of just over $102,000 CAD, or approximately $73,225 USD.
As expected, BTC reached new ATHs against weaker and over-inflated fiat currencies, including the Turkish lira, Argentine peso, and Russian ruble.
Most awaited BTC ATH vs USD
Bitcoin’s impressive performance comes at a critical time, with the US presidential election approaching Effects From BTC to halving, and leap In demand for stablecoins.
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While the new ATH price for Bitcoin against the Euro is promising, the broader cryptocurrency market is eagerly awaiting the USD-denominated ATH, as most cryptocurrency trading on exchanges is done in USD or USD-pegged stablecoins such as USDT and USDC.
Data shows that the BTC/EUR trading pair generates the most volume on exchanges such as Bitstamp ($39.8 million), Binance ($36.7 million), and WhiteBit ($26.7 million).
However, these volumes are dwarfed by higher volume trading pairs such as BTC/Korean Won (KRW). BTC/KRW trading volumes It arrives Up to $400 million per day – nearly ten times more than the most widely traded BTC/EUR pair.
Recent data suggests that although ATH levels are flirting, so are BTC traders Postponement On profit taking around the $71,000 level, indicating expectations of further price increases based on the current momentum.
Commenting on BTC’s trajectory, seasoned analyst Peter Brandt said: He said The leading digital asset requires a daily close above $76,000 to confirm a real breakout. At press time, Bitcoin is trading at $71,805, up 0.6% over the past 24 hours.
Featured image from Unsplash, charts from Tradingview.com