bitcoin’s Groundbreaking Achievement: Surpassing All-Time High Against the Euro and Other Fiat Currencies
In a remarkable turn of events, bitcoin (btc) has recently reached new heights, soaring above its previous all-time high against the Euro. This significant milestone was achieved on March 4th, 2024, when bitcoin touched an unprecedented multi-year peak of $65,000 or roughly 60,393 euros at 8:30 am UTC. This surge in value against the Euro represents a substantial 5% increase from its intraday low of 57,521 euros.
As of now, bitcoin is trading at around 59,981 euros, reflecting a remarkable 56% increase year-to-date. This upward trend in bitcoin’s value against the Euro is part of a broader movement where the cryptocurrency has been breaking new records against various fiat currencies throughout 2024. One notable achievement was bitcoin’s historic milestone against the Chinese Yuan (CNY), which surpassed its previous record of around 414,000 CNY to reach a value of approximately 467,506 CNY.
bitcoin’s Global Dominance
According to the latest data, bitcoin has surpassed all-time highs in more than 30 countries, including major economies like China, India, Japan, South Korea, and Argentina. However, bitcoin still has not broken new highs against certain fiat currencies, such as the US Dollar, British pound, Swiss franc, Brazilian real, and Mexican peso. Currently, bitcoin is trading at around $65,000 against the US Dollar and roughly 1.1 million pesos against the Mexican Peso.
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’s value against the Mexican Peso is down approximately 24% from its previous high of roughly 1.4 million pesos recorded in November 2021.
Why is bitcoin’s Value Surging Against Fiat Currencies?
The 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 US on January 11, 2024. Since then, issuers have acquired at least 340,000 btc as of March 1st, excluding substantial sales by the Grayscale bitcoin Trust ETF.
The Future of bitcoin in the Global Financial Landscape
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 challenge conventional notions of value, the cryptocurrency’s journey remains closely watched by investors and enthusiasts worldwide. The recent achievements serve as a testament to bitcoin’s resilience and adaptability in the ever-evolving world of finance.
