Bitcoin (BTC) has recently achieved a new all-time high (ATH) against the euro (EUR) and the British pound (GBP) as it soared past the $65,000 price level. Data from TradingView indicates that BTC approached 61,000 EUR on Monday morning, marking a historic moment as the digital asset surged by 7% in the last 24 hours. This milestone comes after Bitcoin last neared its ATH in EUR and GBP back in October 2021 during the previous bullish cycle.
New Peaks Against Various Fiat Currencies
Bitcoin has been setting new ATHs against a range of different fiat currencies since the beginning of the year. Reports from CryptoPotato revealed that the leading cryptocurrency achieved record highs against the Argentine peso (ARS), the Japanese yen (JPY), the Turkish lira (TRY), and the Nigerian naira (NGN) following its climb above $52,000. More recently, Bitcoin surpassed its previous peak against the Chinese yuan (CNY) and the British pound, further solidifying its position in the global market.
According to data shared by angel investor Balaji S. Srinivasan, Bitcoin has now hit all-time highs in 30 countries, including India, Egypt, Ethiopia, Indonesia, South Africa, Turkey, Ukraine, and Madagascar. These countries collectively represent 60% of the world’s population and 30% of its gross domestic product. The cryptocurrency has also seen new highs against over 15 of the top 20 currencies, with potential for further growth on the horizon.
The recent surge in Bitcoin’s price can be attributed to the increased exposure brought about by the launch of spot Bitcoin exchange-traded funds (ETF). This influx of capital into the cryptocurrency ecosystem has driven up demand for Bitcoin, leading to positive price pressure. Analysts anticipate that Bitcoin may soon surpass $69,000 and achieve even higher price targets of $100,000 and $120,000 after the upcoming halving event, creating a sense of optimism among investors.
Overall, Bitcoin’s continuous march towards new all-time highs against major fiat currencies underscores its growing influence and acceptance in the global financial landscape. As more investors flock to the cryptocurrency market, the stage is set for Bitcoin to potentially redefine the concept of digital wealth in the near future.
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