Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside

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As a seasoned researcher with over two decades of experience in financial markets, I must admit that the cryptocurrency landscape has never ceased to amaze me. The recent achievement by Bitcoin in reaching a new all-time high against the euro is a testament to its growing acceptance and adoption across global markets.

Despite not yet reaching its U.S. Dollar all-time high, Bitcoin (BTC) has established a new all-time high when compared to the Euro (EUR) and several other traditional currencies.

Bitcoin Makes Fresh ATH Against Euro

On October 29, Bitcoin hit a record high of €68,000 ($73,561) against the euro, marking a new all-time peak. This significant achievement was verified across various cryptocurrency platforms, including Binance, where it holds the largest market capitalization.

As an analyst, I’m noting that for the first time since March 2024, Bitcoin has reached a new All-Time High (ATH) against the euro. While Bitcoin nearly touched another USD ATH, it fell just shy by approximately $200, sliding from $73,620 to $71,805 at this moment.

As a researcher, I’ve observed an intriguing difference in Bitcoin’s (BTC) performance when compared against the euro and the US dollar. This disparity can largely be attributed to fluctuations in the strength of the US dollar.

Back on March 14th, when Bitcoin’s USD all-time high of $73,737 was hit, the exchange rate for USD to EUR was 0.9113. Now, that rate has increased to 0.9238, suggesting a decline in the strength of the euro compared to the US dollar.

A significant reason for the U.S. dollar’s resurgence lies in the U.S. Federal Reserve’s choice to increase interest rates, aiming to lower inflation and maintain it at their desired level of 2%.

Bitcoin has also achieved a new ATH against the Canadian Dollar (CAD), recording a price of just over CAD 102,000, or approximately USD 73,225.

Just as anticipated, Bitcoin (BTC) has hit all-time highs (ATHs) compared to these devalued and inflation-prone fiat currencies such as the Turkish Lira, Argentine Peso, and Russian Ruble.

BTC ATH Against USD Most Awaited

Bitcoin’s impressive performance comes at a crucial time, with the approaching US presidential elections, the effects of BTC halving, and a surge in stablecoin demand. 

Although Bitcoin reaching a new all-time high (ATH) against the EUR is encouraging, the broader cryptocurrency market is keenly looking forward to a USD-based ATH. This is because the majority of crypto trading on exchanges happens in USD or stablecoins tied to the dollar, like USDT and USDC.

It appears that the Bitcoin-Euro trading market is particularly active, with the highest trade volumes being recorded on platforms like Bitstamp ($39.8 million), Binance ($36.7 million), and WhiteBit ($26.7 million).

However, these volumes are dwarfed by higher-volume trading pairs like BTC/Korean Won (KRW). BTC/KRW trading volumes reach as high as $400 million daily – almost ten times more than the most-traded BTC/EUR pair.

Lately, it appears that Bitcoin traders are hesitant to sell their holdings near the $71,000 mark, even though prices have approached all-time highs. This reluctance could indicate a belief among traders that the current upward trend will continue and prices may rise even further.

Regarding Bitcoin’s movement, experienced analyst Peter Brandt stated that for a genuine breakout, the primary digital currency must surpass $76,000 and close at that level. Currently, Bitcoin is trading at approximately $71,805, representing a 0.6% increase over the past day.

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2024-10-31 06:04