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Bitcoin reaching an all-time high against the Euro and nearing record levels in USD is boosting excitement in the cryptocurrency market. According to Markus Thielen, research director at 10x, the cryptocurrency Bitcoin is expected to hit an all-time high by the weekend. Thielen notes that this week’s price movement will surprise everyone and emphasizes that sellers are not active in the market.
Bitcoin’s Record High in Euro Terms
Today, we see that the cryptocurrency Bitcoin has reached an all-time high in Euro terms, trading above $67,000 with a 6% increase in the last 24 hours. Bitcoin is currently trading just below 3% of its November 2021 peak of $69,000, indicating a potential peak for 2024.
Thielen points out several signs supporting the rise in Bitcoin’s price. He mentions a significant decrease in the amount of Bitcoin held on exchanges in the last 30 days, with Coinbase‘s balance dropping from 400,000 to 372,000 in one month.
More Than Just Bitcoin ETFs Driving the Market
Furthermore, Thielen notes that beyond the impact of US ETFs on price, BlackRock has launched a spot ETF in Brazil and volumes in Korea are rapidly increasing. He observes that while outflows from Grayscale’s GBTC product have increased, inflows into BlackRock’s IBIT have slowed, yet he expects continued strong interest in the BlackRock product this week.
Investors are not reducing their inflows despite the price increase, indicating growing confidence. At this point, Bitcoin is expected to reach an all-time high this week, and market developments are among the factors influencing the price.
Will Bitcoin Set a New All-Time Record?
With the crypto market nearing an all-time high, everyone believes it will happen soon. The new record could be set in the coming hours, tomorrow, or the day after.
At this point, as Bitcoin’s dominance has reached 54.7%, altcoins seem to have taken a hit. If BTC‘s price stabilizes for a few days, it could be a lifeline for altcoins. As of writing this article, Bitcoin is trading at $66,564.
