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,” he explained. “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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