Bitcoin Reaches New ATH of €68,000 Against Euro

Bitcoin (BTC) has established a new all-time high (ATH) against the euro (EUR) and several other fiat currencies, although it has not yet surpassed its ATH in USD.

Bitcoin Makes Fresh ATH Against Euro

On October 29, Bitcoin exceeded €68,000 ($73,561), marking a new ATH against the euro across multiple exchanges, including Binance. This is the first time since March 2024 that BTC has reached a new ATH against the euro. In contrast, Bitcoin approached but fell short of a new USD ATH by approximately $200, declining from $73,620 to $71,805 at the time of writing.

The difference in BTC's performance between the euro and USD is attributed to fluctuations in the dollar's strength. On March 14, when BTC last hit its USD ATH of $73,737, the USD/EUR exchange rate was 0.9113; currently, it stands at 0.9238, indicating a weaker euro.

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The dollar's renewed strength is partly due to the US Federal Reserve's decision to raise interest rates to reduce inflation to its target of 2%. Additionally, Bitcoin has reached a new ATH against the Canadian Dollar (CAD), exceeding CAD 102,000, or approximately USD 73,225. BTC has also recorded new ATHs against weaker fiat currencies such as the Turkish Lira, Argentine Pesos, and Russian Ruble.

BTC ATH Against USD Most Awaited

Bitcoin's recent performance coincides with significant events, including the upcoming US presidential elections, effects of BTC halving, and increased demand for stablecoins. While the new ATH against the EUR is notable, the broader crypto market is focused on achieving a USD-denominated ATH, as most trading occurs in USD or USD-pegged stablecoins like USDT and USDC.

Trading volume data shows that the BTC/EUR pair generates substantial volume on exchanges, with Bitstamp at $39.8 million, Binance at $36.7 million, and WhiteBit at $26.7 million. However, these figures are significantly lower than those for higher-volume pairs such as BTC/Korean Won (KRW), which can reach daily volumes of $400 million—nearly ten times more than BTC/EUR.

Despite nearing ATH levels, BTC traders are reportedly holding off on profit-taking around the $71,000 mark, indicating expectations for further price increases. Analyst Peter Brandt stated that Bitcoin needs a daily close above $76,000 to confirm a true breakout. As of now, BTC trades at $71,805, reflecting a 0.6% increase in the past 24 hours.

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