{"id":964,"date":"2024-10-31T05:11:05","date_gmt":"2024-10-31T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-makes-ath-against-euro-due-to-change-in-dollar-strength-details-inside\/"},"modified":"2024-10-31T05:11:05","modified_gmt":"2024-10-31T05:11:05","slug":"bitcoin-makes-ath-against-euro-due-to-change-in-dollar-strength-details-inside","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-makes-ath-against-euro-due-to-change-in-dollar-strength-details-inside\/","title":{"rendered":"Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside"},"content":{"rendered":"

Although Bitcoin (BTC) is yet to breach its USD all-time high (ATH) value, the flagship cryptocurrency has made a new ATH against the euro (EUR) and some other fiat currencies.<\/p>\n

Bitcoin Makes Fresh ATH Against Euro<\/h2>\n

Bitcoin surpassed<\/a> \u20ac68,000 ($73,561) on October 29, establishing a new ATH against the euro. The largest cryptocurrency by market cap reached this milestone on multiple crypto exchanges, including Binance.<\/p>\n

This marks the first time since March 2024 that BTC has set a new ATH against the euro. Although Bitcoin came very close to a new ATH in USD, it fell short by approximately $200, dropping from $73,620 to $71,805 at the time of writing.<\/p>\n

Notably, the discrepancy between BTC\u2019s performance against the euro and the USD is due to changes in the dollar\u2019s strength.<\/p>\n

On March 14, when BTC last reached its USD ATH of $73,737, the USD\/EUR exchange rate was 0.9113. Currently, the rate is 0.9238, indicating a weakening euro against the dollar.<\/p>\n

\"USDEUR\"<\/p>\n

One key factor behind the dollar\u2019s renewed strength is the US Federal Reserve\u2019s decision to raise interest rates to bring inflation down to its target of 2%.<\/p>\n

Bitcoin has also achieved a new ATH against the Canadian Dollar (CAD), recording a price of just over CAD 102,000, or approximately USD 73,225.<\/p>\n

As expected, BTC has reached new ATHs against weaker and hyperinflated fiat currencies, including the Turkish Lira, Argentine Pesos, and Russian Ruble.<\/p>\n

BTC ATH Against USD Most Awaited<\/h2>\n

Bitcoin\u2019s impressive performance comes at a crucial time, with the approaching US presidential elections, the effects of BTC halving, and a surge in stablecoin demand.\u00a0<\/p>\n

While Bitcoin\u2019s new ATH against the EUR is promising, the wider crypto market eagerly awaits a USD-denominated ATH, as most crypto trading on exchanges takes place in USD or USD-pegged stablecoins like USDT and USDC.<\/p>\n

Data shows that the BTC\/EUR trading pair generates the most volume on exchanges such as Bitstamp ($39.8 million), Binance ($36.7 million), and WhiteBit ($26.7 million).<\/p>\n

However, these volumes are dwarfed by higher-volume trading pairs like BTC\/Korean Won (KRW). BTC\/KRW trading volumes reach<\/a> as high as $400 million daily – almost ten times more than the most-traded BTC\/EUR pair.<\/p>\n

Recent data indicates that, despite flirting with ATH levels, BTC traders are holding off on profit-taking around the $71,000 level, suggesting expectations of further price increases based on current momentum.<\/p>\n

Commenting on BTC\u2019s trajectory, seasoned analyst Peter Brandt said that the leading digital asset requires a daily close above $76,000 to confirm a true breakout. At press time, BTC trades at $71,805, up 0.6% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Although Bitcoin (BTC) is yet to breach its USD all-time high (ATH) value, the flagship cryptocurrency has made a new ATH against the euro (EUR) and some other fiat currencies. Bitcoin Makes Fresh ATH Against Euro Bitcoin surpassed \u20ac68,000 ($73,561) on October 29, establishing a new ATH against the euro. The largest cryptocurrency by market…<\/p>\n","protected":false},"author":1,"featured_media":965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[220,65,740,111,73,852,71,853,254,255,854,855,856,857],"class_list":["post-964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-altcoin","tag-bitcoin","tag-bitcoin-ath","tag-bitcoin-news","tag-btc","tag-btc-ath","tag-btcusdt","tag-crypto-asset","tag-cryptocurrency","tag-digital-asset","tag-euro","tag-stablecoin","tag-usd","tag-usdeur"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=964"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/965"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}