BTC price sets €68K euro all-time high as Bitcoin bulls eye gold next
2024.10.30 05:11
Bitcoin (BTC) has reached a new all-time high in euro as the latest BTC price breakout gathers speed.
Data from Cointelegraph Markets Pro and TradingView confirms that on Oct. 29, BTC/EUR hit a historic peak of €67,987 on Binance.
Euro, Aussie dollar among new Bitcoin all-time highs
Bitcoin nearly reentered US dollar price discovery this week with a rapid march through final resistance.
In Europe, however, the largest cryptocurrency enjoyed an early record thanks to shifts in dollar strength. After nearly eight months of consolidation, BTC/EUR broke through a ceiling set in March.
“The 350 million citizens of the Eurozone just experienced a new all-time high for Bitcoin,” longtime analyst Tuur Demeester wrote in part of a reaction on X.
BTC/EUR 1-day chart. Source: TradingView
The euro is just one of the various major world currencies now at all-time lows in BTC terms. Others include the Australian dollar and Canadian dollar, alongside familiar names such as the Turkish lira.
BTC/TRY 1-day chart. Source: TradingView
The eurozone’s recent history concerning Bitcoin has become synonymous with hostility, thanks to repeated criticism from the European Central Bank (ECB).
As Cointelegraph reported, its latest report garnered scorn and even ridicule from the crypto community, who considered its findings illegitimate.
“This new paper is a true declaration of war: the ECB claims that early bitcoin adopters steal economic value from latecomers,” Demeester warned in part of a dedicated X thread on the report earlier this month.
“I strongly believe authorities will use this luddite argument to enact harsh taxes or bans.”
BTC price “far below” new gold record
Bitcoin itself, meanwhile, faces other hurdles on the road to universal price discovery.
Related: ‘Most bullish’ weekly close — 5 Things to know in Bitcoin this week
In addition to seeking a new dollar all-time high, the largest cryptocurrency has yet to clinch a definitive breakout against gold.
Uploading a chart of BTC versus XAU/USD to X, veteran trader Peter Brandt spelled out the scale of the challenge before Bitcoin bulls.
“This is the heavy weight division in the battle against fiat depreciation Bitcoin,” he commented.
“$BTC remains below Mar ’24 high and double highs in 2021. Bitcoin has made no progress in 42 months.”
BTC/USD vs. Gold chart. Source: Peter Brandt/X
Gold itself set a new dollar all-time high of its own on Oct. 29 at $2,789.85 per ounce, part of an ongoing risk-asset resurgence that has gathered steam in Q4.
XAU/USD 1-month chart. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
