Bitcoin (BTC) has recently achieved a new milestone by hitting an all-time high (ATH) against the euro (EUR) and the British pound (GBP), reaching an impressive $65,000 price level. This significant achievement comes as BTC soared towards 61,000 EUR for the first time in history, showcasing a remarkable 7% increase in just 24 hours.
The last time Bitcoin approached its new ATH in EUR and GBP was during the previous bull cycle in October 2021. Back then, the leading digital asset reached 53,075 EUR before eventually hitting an ATH of $69,000. Remarkably, Bitcoin was valued at 50,309 EUR when it reached its ATH in the United States dollar.
Data from TradingView indicates that Bitcoin is continuously setting new ATHs against various fiat currencies throughout this year. Reports from mid-February revealed that BTC had achieved new highs against currencies such as the Argentine peso (ARS), the Japanese yen (JPY), the Turkish lira (TRY), and the Nigerian naira (NGN) after surpassing $52,000. More recently, Bitcoin surpassed the Chinese yuan (CNY), the world’s largest fiat currency by market capitalization, and also marked a new record against the British pound at over 52,200 GBP.
Angel investor and former Coinbase CFO, Balaji S. Srinivasan, shared data on February 28 showing that Bitcoin had reached ATHs 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. Bitcoin has now achieved new highs against more than 15 of the top 20 currencies but is still yet to reach peaks against the USD and Hong Kong dollar.
With the recent launch of spot Bitcoin exchange-traded funds (ETF), Bitcoin has garnered increased exposure, leading to a surge in capital inflows and heightened demand for the digital asset. Industry analysts predict further growth potential for Bitcoin, with expectations of surpassing $69,000 and potentially reaching new highs of $100,000 and $120,000 following the upcoming halving event scheduled for next month. As Bitcoin continues to make headlines and enter new territories, the future remains promising for this groundbreaking cryptocurrency.