Bitcoin has recently reached a new all-time high against the euro and the British pound, hitting the $65,000 price mark for the first time. This surge in value has been driven by a 7% increase in the past 24 hours, with BTC nearing 61,000 EUR for the first time in history. The last time Bitcoin reached such high levels against the euro and pound was during the previous bull cycle in October 2021.
Global Adoption and Increasing Demand
Bitcoin has been hitting new all-time highs against various fiat currencies since the beginning of the year, showcasing its growing global adoption and increasing demand. The leading digital asset has recorded new highs against currencies such as the Argentine peso, the Japanese yen, the Turkish lira, and the Nigerian naira. Furthermore, Bitcoin has recently peaked against the Chinese yuan and the British pound, demonstrating its widespread acceptance across different regions.
Data shared by angel investor Balaji S. Srinivasan revealed that Bitcoin had hit all-time highs in 30 countries, including India, Egypt, Ethiopia, Indonesia, South Africa, Turkey, Ukraine, and Madagascar. These countries represent a significant portion of the world’s population and gross domestic product. Additionally, Bitcoin has seen new highs against over 15 out of the top 20 currencies, highlighting its influence on global economies.
With the recent launch of spot Bitcoin exchange-traded funds (ETF), more capital has been flowing into the cryptocurrency ecosystem, resulting in increased demand for Bitcoin. Analysts predict that Bitcoin could soon surpass $69,000 and reach projected highs of $100,000 and $120,000 after the upcoming halving event. This positive outlook suggests that there is still room for growth in the cryptocurrency market, with Bitcoin leading the way towards new price milestones.