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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside

Ash Tiwari
Ash Tiwari
Last Updated: October 31, 2024 3:00 am
3 mins read
bitcoin

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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 €68,000 ($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.

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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.

Notably, the discrepancy between BTC’s performance against the euro and the USD is due to changes in the dollar’s strength.

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.

USDEUR
USD has been strengthening against EUR on the daily chart | Source: USDEUR on TradingView.com

One key factor behind the dollar’s renewed strength is the US Federal Reserve’s decision to raise interest rates to bring inflation down to its target of 2%.

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.

As expected, BTC has reached new ATHs against weaker and hyperinflated fiat currencies, including the Turkish Lira, Argentine Pesos, and Russian Ruble.

BTC ATH Against USD Most Awaited

Bitcoin’s impressive performance comes at a crucial time, with the approaching US presidential elections, the effects of BTC halving, and a surge in stablecoin demand. 

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While Bitcoin’s 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.

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).

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

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.

Commenting on BTC’s 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.

bitcoin
BTC trades at $71,805 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, Charts from Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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