BTC Hits New All-Time High Against Euro and Pound
Bitcoin (BTC) has reached a new all-time high (ATH) against the euro (EUR) and the British pound (GBP), breaking through the $65,000 price mark. This surge in value has been fueled by a 7% rally in the past 24 hours, according to data from TradingView.
BTC Records New ATH in EUR
Bitcoin last came close to its new ATH in EUR and GBP back in October 2021 during the previous bull cycle. At that time, the leading digital asset touched 53,075 EUR before eventually reaching an ATH of $69,000. Itโs worth noting that BTC was valued at 50,309 EUR when it hit its ATH in USD.
Currently, BTC is trading close to 61,000 EUR, marking a significant milestone for the cryptocurrency.
BTC Crushes 15 Top Currencies
BTC has been setting new ATHs against various fiat currencies throughout this year. In mid-February, Bitcoin reached new highs against the Argentine peso (ARS), Japanese yen (JPY), Turkish lira (TRY), and Nigerian naira (NGN) after surpassing $52,000.
More recently, Bitcoin peaked against the Chinese yuan (CNY), surpassing the previous record of 414,000 CNY to reach 467,506 CNY. Additionally, BTC also achieved a new ATH against the British pound at over 52,200 GBP.
Data shared by angel investor Balaji S. Srinivasan revealed that Bitcoin had hit ATHs in 30 countries, including India, Egypt, Ethiopia, Indonesia, South Africa, Turkey, Ukraine, and Madagascar. These countries represent 60% of the worldโs population and 30% of its gross domestic product.
So far, Bitcoin has recorded new highs against more than 15 out of the top 20 currencies. However, it is yet to reach new peaks against the USD and Hong Kong dollar, among others.
The Role of ETFs
The recent surge in Bitcoinโs value can be attributed to the launch of spot Bitcoin exchange-traded funds (ETFs). These ETFs have attracted more capital into the cryptocurrency ecosystem, leading to increased demand and positive price pressure.
Analysts believe that there is still room for more growth, with Bitcoin expected to reach $69,000 soon. Predictions also suggest that BTC could reach highs of $100,000 and $120,000 after the upcoming halving event next month.
Hot Take: BTC Continues to Soar
Bitcoinโs impressive performance against various fiat currencies highlights its growing strength in the global market. As it continues to set new ATHs, investors and crypto enthusiasts are optimistic about its future potential.
With the recent launch of spot Bitcoin ETFs, more people are gaining exposure to Bitcoin and investing in the digital asset. This influx of capital is driving up demand and contributing to Bitcoinโs upward trajectory.
As BTC approaches $69,000 and potentially reaches even higher highs of $100,000 and $120,000, it solidifies its position as a valuable asset in the cryptocurrency space. The upcoming halving event next month further adds to the anticipation and excitement surrounding Bitcoinโs future performance.
Investors should closely monitor Bitcoinโs progress as it navigates through this bullish market cycle. As always, it is important to conduct thorough research and seek professional advice before making any investment decisions.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.