Bitcoin (BTC) has achieved a significant milestone by surpassing its all-time high against the euro, with its price soaring to $65,000, marking a new multi-year peak. On March 4, Bitcoin broke through the psychological barrier of 60,000 euros, reaching a historical value against the euro for the first time. Data from TradingView shows that Bitcoin reached 60,393 euros at 8:30 am UTC, experiencing a 5% surge from its intraday low of 57,521 EUR. At present, Bitcoin is being traded at 59,981 euros, indicating a year-to-date increase of approximately 56%.
Prior to reaching the 60,000-euro price level, Bitcoin achieved several other milestones. On February 28, it broke its all-time high of around 53,000 euros, which had been set in late September 2021. Bitcoin has been surpassing new highs against various fiat currencies in 2024, including the Chinese yuan (CNY), which is recognized as the world’s largest fiat currency by market capitalization. In fact, Bitcoin achieved a new all-time high against the CNY in late February, surpassing the previous record of approximately 414,000 CNY, according to data from Xe.com. As of now, BTC is valued at 467,506 CNY.
According to Balaji Srinivasan, an angel investor and former chief financial officer of Coinbase, Bitcoin has surpassed all-time highs in more than 30 countries as of February 28, including China, India, Japan, South Korea, and Argentina.
Although Bitcoin has reached $65,000, it has yet to surpass its all-time highs against a few fiat currencies, such as the United States dollar, the Swiss franc, the Brazilian real, and the Mexican peso. Presently, Bitcoin is being traded at $65,000, which reflects a slight decrease of approximately 6% from its all-time high of $69,000, which was reached on Coinbase in November 2021.
According to Sam Wouters, the marketing head of River Intelligence, the Mexican peso represents the most challenging target for Bitcoin to surpass. Xe.com data reveals that, at present, BTC is being traded at 1.1 million pesos, representing a decline of around 24% from its previous high of approximately 1.4 million pesos, which was recorded in November 2021.
Bitcoin has been consistently surpassing all-time highs in various fiat currencies, which can be attributed to the increased exposure gained by the cryptocurrency following the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. Since the launch, Bitcoin ETF issuers have purchased at least 340,000 BTC as of March 1, excluding the massive BTC sales made by the Grayscale Bitcoin Trust ETF.