Bitcoin’s price reached a multi-year high of $65,000, surpassing its all-time high against the euro. On March 4th, Bitcoin broke a new psychological milestone by exceeding 60,000 euros for the first time in history. According to data from TradingView, Bitcoin saw an increase of about 5% from its intraday low of 57,521 euros to 60,393 euros.
Bitcoin’s Unstoppable Record Streak
Bitcoin set new records against many fiat currencies, including the Chinese yuan (CNY), which is the world’s largest fiat currency by market value as of 2024. According to data from Xe.com, Bitcoin broke its all-time high against the CNY at the end of February, surpassing the previous record of around 414,000 CNY. At the time of writing this article, Bitcoin’s value was 467,506 CNY.
According to angel investor and former Coinbase CFO Balaji Srinivasan, as of February 28th, Bitcoin reached all-time highs in over 30 countries, including China, India, Japan, South Korea, and Argentina.
While Bitcoin reached $65,000, the cryptocurrency has not yet hit new peaks against several fiat currencies including the US dollar, British pound, Swiss franc, Brazilian real, and Mexican peso. At the time of writing, Bitcoin was trading at around 6% below its all-time high of $69,000 set in November 2021 on Coinbase.
Bitcoin and the ETF Rally
According to Sam Wouters, marketing head at River Intelligence, the Mexican peso is one of the most ambitious targets Bitcoin could break. Data from Xe.com indicates that Bitcoin was trading at around 1.1 million pesos, approximately 24% lower than the nearly 1.4 million pesos set in November 2021, at the time this article was written.
Bitcoin reached all-time highs in multiple fiat currencies following the launch of spot Bitcoin exchange-traded funds (ETFs) in the US on January 11, 2024, which increased the cryptocurrency’s visibility. Since the launch, Bitcoin ETF issuers held at least 340,000 Bitcoins as of March 1st.
