In a remarkable display of financial prowess, Bitcoin has catapulted to new peaks, breaking through the 60,000 euro mark for the first time in history. This milestone is part of Bitcoin’s impressive journey as it soared to a staggering $65,000, marking a series of all-time highs against various global currencies, including the euro.
This surge signifies a psychological breakthrough for the cryptocurrency, with Bitcoin reaching 60,393 euros on March 4, showcasing a robust 5% increase from its previous low. As of now, Bitcoin’s value has skyrocketed by approximately 56% since the start of the year, underscoring its growing dominance and acceptance in the financial landscape.
Prior to this achievement, Bitcoin had already surpassed its previous all-time high of around 53,000 euros set in late September 2021, demonstrating its relentless upward trajectory. Additionally, Bitcoin has outperformed in the global market, setting new records against the Chinese yuan—the world’s largest fiat currency by market capitalization—and other significant currencies.
Renowned angel investor and former Coinbase executive Balaji Srinivasan highlighted that Bitcoin had surpassed previous records in over 30 countries by the end of February, including major economies such as China, India, Japan, South Korea, and Argentina. Despite this widespread success, Bitcoin is yet to surpass its all-time high against some major currencies, including the US dollar, British pound, Swiss franc, Brazilian real, and Mexican peso.
The cryptocurrency’s remarkable ascent is partly attributed to the increasing popularity and launch of Bitcoin exchange-traded funds (ETFs) in the United States, which significantly boosted Bitcoin’s exposure and investor interest. Since the introduction of these ETFs, issuers have accumulated over 340,000 BTC, excluding transactions by the Grayscale Bitcoin Trust ETF, further cementing Bitcoin’s status as a formidable force in the financial arena.
As Bitcoin continues to challenge and surpass previous records, it sets its sights on conquering new financial territories, with the Mexican peso being noted as a particularly ambitious target. Despite a slight downturn from its peak, Bitcoin’s relentless pursuit of new highs reflects its growing influence and potential in reshaping the global financial landscape.