Bitcoin has once again reached new heights, marking a historic milestone: it has surpassed 60,000 euros for the first time in its history, officially reaching an all-time high (ATH).
Bitcoin surpasses the 60,000 euro threshold: it’s ATH (All Time High) against the Euro
The cryptocurrency, known for its fame, has followed an impressive upward trajectory, reaching a multi-year high of $65,000. This surge in value compared to the euro demonstrates the resilience and growing acceptance of Bitcoin in the global financial landscape.
On March 4th, Bitcoin reached an important milestone surpassing the 60,000 euro threshold, reaching a peak of 60,393 euros at 8:30 UTC. This remarkable achievement represents a 5% increase from its intraday low of 57,521 euros. At the time of writing, Bitcoin continues to be traded at 59,981 euros, marking a significant 56% increase year-over-year.
The rise of Bitcoin to this new all-time high against the euro is not an isolated event, but is part of a broader trend of increasing valuations of various fiat currencies. Prior to this achievement, Bitcoin had already broken numerous milestones, including surpassing the 53,000 euro threshold on February 28, which was its previous all-time high set at the end of September 2021.
Furthermore, in 2024 Bitcoin has broken several records compared to various fiat currencies, including the Chinese yuan, the largest fiat currency by market capitalization.
In late February, Bitcoin reached a new all-time high against the Chinese yuan, surpassing the previous record of about 414,000 CNY, according to Xe.com data. Currently, Bitcoin is valued at 467,506 CNY, demonstrating its growing dominance and appeal in various global markets.
Bitcoin records in different countries
Balaji Srinivasan, an influential angel investor and former CFO of Coinbase, has observed that as of February 28th, Bitcoin has surpassed all-time highs in more than 30 countries, including major economies such as China, India, Japan, South Korea, and Argentina.
However, despite these remarkable results, Bitcoin has not yet reached new highs compared to some fiat currencies such as the US dollar, the British pound, the Swiss franc, the Brazilian real, and the Mexican peso.
According to Sam Wouters, marketing manager at River Intelligence, the Mexican peso represents one of the most ambitious targets to conquer for Bitcoin.
The data from Xe.com indicates that Bitcoin is currently trading at 1.1 million pesos, which represents a 24% decrease from its previous high of about 1.4 million pesos set in November 2021. However, Bitcoin’s unstoppable rise against various fiat currencies underscores its growing popularity and utility as a store of value and global medium of exchange.
The launch of Bitcoin exchange-traded funds (ETFs) in the United States on January 11, 2024, has further fueled the upward trajectory of Bitcoin, attracting significant interest and institutional investments. Since the start of the ETF, Bitcoin ETF issuers have purchased at least 340,000 BTC as of March 1, excluding substantial sales of BTC by the Grayscale Bitcoin Trust ETF. This institutional influx signals a growing acceptance of Bitcoin in traditional financial circles and bodes well for its future prospects.
Conclusions
In conclusion, the recent surpassing of 60,000 euros and the reaching of the new all-time high of 65,000 dollars underline the growing importance and acceptance of Bitcoin in the global financial landscape.
Despite the challenges and skepticism, Bitcoin continues to defy expectations, demonstrating its resilience and its potential to revolutionize the way we perceive and interact with money.
