As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that this latest Bitcoin (BTC) all-time high in euros is not just another milestone but a testament to the resilience and potential of digital currencies. Having navigated through numerous market fluctuations, I have come to appreciate the power of decentralization and the promise it holds for a more equitable financial system.
The current value of Bitcoin (BTC) has hit a record peak when measured in Euros, with the recent surge in its price showing no signs of slowing down.
According to information provided by CryptoMoon Markets Pro and TradingView, the Bitcoin-to-Euro (BTC/EUR) exchange rate reached an all-time high of €67,987 on October 29, as recorded on the Binance platform.
Euro, Aussie dollar among new Bitcoin all-time highs
This week, Bitcoin appeared poised to resume its correlation with the U.S. dollar, as it surged past key resistance levels at a swift pace.
In Europe, Bitcoin, the most significant cryptocurrency, started off strongly due to fluctuations in the U.S. dollar’s value. Following almost eight months of stability, the pairing of Bitcoin and the Euro (BTC/EUR) surpassed a barrier that was established in March.
Tuur Demeester, an established analyst, commented that the residents of the Eurozone recently reached a record peak by owning Bitcoin, which is the highest level ever recorded.
Among the significant global currencies currently experiencing record-low values when compared to Bitcoin are not only the euro but also others like the Australian dollar, Canadian dollar, and the Turkish lira. These well-known currencies are joining the ranks.
In more casual terms, the past actions of the eurozone regarding Bitcoin have often been characterized as hostile due to frequent criticisms leveled by the European Central Bank.
According to CryptoMoon’s recent update, the cryptocurrency community has expressed disapproval and even mockery towards their findings, considering them questionable or invalid.
according to the ECB, early bitcoin users are taking value away from those who adopt it later.
“I strongly believe authorities will use this luddite argument to enact harsh taxes or bans.”
BTC price “far below” new gold record
Bitcoin itself, meanwhile, faces other hurdles on the road to universal price discovery.
Besides aiming for another record high in U.S. dollars, the leading cryptocurrency hasn’t managed to make a clear breakthrough when compared to gold.
On platform X, seasoned trader Peter Brandt made clear the magnitude of the task facing Bitcoin advocates by sharing a comparison chart between BTC and XAU/USD.
“This is the heavy weight division in the battle against fiat depreciation Bitcoin,” he commented.
“$BTC remains below Mar ’24 high and double highs in 2021. Bitcoin has made no progress in 42 months.”
On October 29th, the price of gold reached an unprecedented high of $2,789.85 per ounce, marking a new record against the U.S. dollar, as part of a growing surge in value for risk assets that has been building momentum since the start of Q4 (fourth quarter).
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2024-10-30 11:31