Bitcoin has hit an all-time high against the euro, marking a significant milestone as the latest BTC price rally accelerates.
On Oct. 29, BTC/EUR reached a record-breaking 67,987 euros on Binance, according to data from Cointelegraph Markets Pro and TradingView.
While Bitcoin neared new highs in U.S. dollars this week, the euro saw an earlier breakout due to shifts in dollar strength. BTC/EUR’s peak follows nearly eight months of consolidation, surpassing its previous high set in March.
Commenting on the development, analyst Tuur Demeester noted, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin.”
The euro joins a range of major global currencies reaching historic lows against Bitcoin. The Australian and Canadian dollars are also at all-time lows in BTC terms, as are the Turkish lira and others.
The eurozone’s recent stance on Bitcoin has often been critical, with the European Central Bank (ECB) frequently voicing concerns. As Cointelegraph previously reported, the ECB’s latest paper faced backlash from the crypto community, which questioned its validity.
Demeester highlighted this sentiment, stating, “This new paper is a true declaration of war: the ECB claims that early bitcoin adopters steal economic value from latecomers.” He speculated that this reasoning could lead to “harsh taxes or bans” on Bitcoin.
Beyond its euro milestone, Bitcoin is still on the journey to reach new all-time highs in U.S. dollar terms and remains below its peak relative to gold. Veteran trader Peter Brandt, sharing a BTC versus XAU/USD chart, outlined the road ahead for Bitcoin bulls: “This is the heavy weight division in the battle against fiat depreciation Bitcoin.” He added, “$BTC remains below Mar ’24 high and double highs in 2021. Bitcoin has made no progress in 42 months.”
