In a groundbreaking surge, Bitcoin has recently achieved a remarkable milestone, surpassing its previous all-time high against the euro. The cryptocurrency soared to an unprecedented multi-year peak of $65,000, marking a significant psychological threshold. This ascent in value against the euro, reaching a pinnacle of 60,393 euros at 8:30 am UTC on March 4th, represents a remarkable 5% surge from its intraday low of 57,521 euros.
Bitcoin hits new ATH against the euro
As of the latest data, BTC is trading at 59,981 euros, reflecting an impressive 56% increase year-to-date. This recent feat is part of a broader trend where BTC has been steadily breaking new highs against various fiat currencies throughout 2024. Notably, BTC also achieved a historic milestone against the Chinese yuan (CNY), the world’s largest fiat currency by market capitalization.
The cryptocurrency surged to a new all-time high against the CNY in late February, surpassing the previous record of around 414,000 CNY to reach a value of 467,506 CNY. Balaji Srinivasan, an angel investor and former chief financial officer of Coinbase, noted that BTC has surpassed all-time highs in more than 30 countries as of February 28th, including major economies like China, India, Japan, South Korea, and Argentina.
However, despite these remarkable achievements, BTC has yet to break new highs against certain fiat currencies, including the United States dollar, the British pound, the Swiss franc, the Brazilian real, and the Mexican peso. Currently trading at $65,000, Bitcoin experienced a slight downturn from its peak of $69,000 set on Coinbase in November 2021.
BTC continues its historic growth
Nevertheless, industry experts like Sam Wouters, marketing head at River Intelligence, view the Mexican peso as one of the most ambitious targets for Bitcoin to conquer. Presently, Bitcoin is trading at 1.1 million pesos, down approximately 24% from its previous high of roughly 1.4 million pesos recorded in November 2021.
This surge in Bitcoin’s value against multiple fiat currencies can be attributed to its growing exposure following the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. Since the ETF launch, issuers have acquired at least 340,000 BTC as of March 1st, excluding substantial BTC sales by the Grayscale Bitcoin Trust ETF.
Overall, Bitcoin’s relentless march to new all-time highs against various fiat currencies underscores its growing prominence and acceptance in the global financial landscape. As it continues to break barriers and redefine conventional notions of value, the cryptocurrency’s journey remains closely watched by investors and enthusiasts worldwide.
