CandleFocus Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside
2024-10-31
Author: Content Editor
Bitcoin has reached a new all-time high (ATH) against the euro, surpassing €68,000 ($73,561) on October 29. It is the first time since March 2024 that BTC has set a new ATH against the euro. However, Bitcoin fell just short of a new ATH in USD, dropping from $73,620 to $71,805. The discrepancy is due to changes in the dollar's strength, with the US Federal Reserve's decision to raise interest rates playing a role. Bitcoin has also achieved a new ATH against the Canadian Dollar and weaker and hyperinflated fiat currencies. The wider crypto market is eagerly awaiting a USD-denominated ATH, as most crypto trading occurs in USD. BTC/EUR trading pairs generate significant volume on exchanges, but trading pairs like BTC/Korean Won have much higher volumes. BTC traders are holding off on profit-taking, suggesting expectations of further price increases. To confirm a true breakout, Bitcoin needs a daily close above $76,000.
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