Bitcoin Just Broke Its Previous All-time High, But Not In USD (Yet)

It’s a great way to start the week as Bitcoin breaks its previous all-time high (ATH) from November 2021, but not in the United States dollar (USD). This time, it is in the European Euro (EUR). How is this possible? Here’s how!

BTC/EUR Crosses €60k

The chart below shows BTC’s price movement between January 2021 and March 2024, denominated in EUR. When Bitcoin saw its all-time high in November 2021, it was valued at €58,200. Fast forward to the present, BTC’s value now sits above €60,000.

Source: CoinMarketCap

The ATH seen in the BTC/EUR denomination does not affect the BTC/USD chart. The chart below shows BTC’s price movement over a similar timeframe using the dollar exchange. Here, BTC’s ATH sat around $67,500, whereas the current price is $65,100, which is still less than Bitcoin’s peak value.

The reason for the price variation springs from the EUR/USD exchange rate. According to current public data, €1 equals $1.09. When the exchange rate is reflected in BTC’s value, the price difference is pronounced. It implies that a change in the exchange rate between these two currencies will affect the BTC/EUR chart.

BTC Breaks $65k

Despite the impressive performance seen within the BTC/EUR chart, this question remains: will BTC, in USD denomination, see an all-time high soon?

The past few weeks have been a bull run for BTC. The leading crypto asset currently defies all bearish trends with its massive price surge. Starting the new week with a 5% price jump, BTC soared to a trading price of $65,400 before a slight market correction ensued. At press time, 1 BTC sold for $65,100.

BTC’s price surge is largely driven by the continuous engagement with the spot Bitcoin ETF, a financial product that allows investors to gain exposure to the leading cryptocurrency within the world of traditional finance. Bitcoin customarily has a price surge post-halving. Market experts speculate that the asset will soar in value to new heights after the anticipated halving event.