Although Bitcoin (BTC) fell short by $200
of establishing a new ATH against the US dollar, it achieved this
milestone against several other fiat currencies. Most importantly, against the
euro, where the crypto asset surpassed €68,000 for the first time in history.
Bitcoin with a New ATH (Kind Of)
The leading cryptocurrency reached €68,000
on major exchanges, including Binance, marking its first all-time high against
the European currency since March. This breakthrough comes as Bitcoin
demonstrates remarkable strength against several major fiat currencies,
reflecting growing institutional adoption and market confidence.
Against the US dollar, Bitcoin tested the
$73,600 level on Binance this week. This means it came within less than $200 of
the previous ATH established on March 14 at $73,794.
Although the euro is the second most
important currency in the global trading system, it doesn’t carry the same
weight in the cryptocurrency market. Hence, setting an ATH on the BTC/EUR chart
isn’t as significant for investors as the BTC/USD pair.
The 350 million citizens of the Eurozone just experienced a new all-time high for #bitcoin: €67,443. pic.twitter.com/F4yn3feISZ
— Tuur Demeester (@TuurDemeester) October 29, 2024
Historical data shows that the vast
majority of trading volume occurs on dollar pairs or with dollar-based
stablecoins such as FDUSD, USDT, and USDC. The highest trading volume on the
BTC/EUR pair is generated by Bitstamp and Binance exchanges, where it amounts
to barely $40 million daily for each. In comparison, trading volume in Korean
won on the BTC/KRW pair on Upbit and Bithumb exchanges reaches nearly $400
million daily, ten times more.
“In the context of increasing
volatility in the cryptocurrency market, Bitcoin has surprised investors by
reaching an intraday high of nearly five months, climbing to an impressive
figure of around $73,600,” said Antonio Di Giacomo, Senior Market Analyst
at XS.com.
“This surge has brought the most
well-known cryptocurrency close to its all-time high of approximately
$73,800.00 dollars. Analysts point out that speculation surrounding the
potential victory of Donald Trump in the upcoming U.S. elections has been a
crucial factor behind this increase.”
The digital asset’s performance extends
beyond the eurozone, with new records being established against multiple other
major currencies. The Australian and Canadian dollars have also witnessed
unprecedented Bitcoin valuations, highlighting the cryptocurrency’s growing
influence in traditional financial markets.
Bitcoin to $200K
Major financial institutions are closely
monitoring Bitcoin’s performance, with several predicting further upside
potential. Bernstein Research maintains an optimistic outlook, projecting
potential valuations reaching $200,000 by late 2025.
“By 2024 end, we expect Wall Street to
replace Satoshi as the top Bitcoin wallet,” commented Bernstein. “Ten
global asset managers now own ~$60Bn wrapped as regulated [exchange-traded
funds] compared with $12Bn in September 2022.”
Legendary Research Broker Bernstein Has Just Published One of its Famed “Black Books” on #Bitcoin!160 Pages Explaining Why BTC Will Hit $200k by the end of 2025 and How Listed #Bitcoin Miners Will Continue to Consolidate the Industry. @gautamchhugani 👏 pic.twitter.com/lDnAvWeYIe
— matthew sigel, recovering CFA (@matthew_sigel) October 23, 2024
Trading volumes have also remained robust,
with daily activity exceeding $47 billion. The cryptocurrency’s technical
indicators suggest sustained momentum, with support levels consolidating around
key psychological barriers.
“The recent increase in Bitcoin’s
price to levels close to its all-time high has been influenced by political
speculation in the United States and the actions of large investors,”
added Di Giacomo. “As elections approach, uncertainty and expectations
regarding the future regulatory framework for cryptocurrencies are factors that
will continue to impact the market.”
Today (Wednesday), 10X Research also
presented a positive forecast for Bitcoin, suggesting that the cryptocurrency
will reach $100,000 by January 2025.
🔥 #Bitcoin to 100,000 by January 2025 ??? pic.twitter.com/KRJHi4Tbic
— 10x Research (@10x_Research) October 30, 2024
Although these projections seem very
optimistic, BTC still has a long way to go to reach them. At the moment, one
BTC trades at $72,041 or €66,586 on Binance.
This article was written by Damian Chmiel at www.financemagnates.com.
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