Historical record of bitcoin against the euro

The price of Bitcoin has surpassed $60,000 for the first time in more than two years. It is at an all-time high against the euro.

Bitcoin: $100,000 in Sight

The exchange rate against the dollar soared 12.6% during Wednesday alone, hitting $63,968 before weakening due to problems at Coinbase.

Coinbase stated that it’s the traffic ten times higher than normal that caused the disruptions experienced by some users. This includes displaying a zero balance on some accounts…

“We appreciate your patience,” said the exchange. “We are beginning to see an improvement in client transactions. Due to increased traffic, some customers may still see connection errors, sending, receiving with certain payment methods. Rest assured that your funds are safe.”

In short, the recent Bitcoin surge has brought its performance to more than 40% since the beginning of the year. And this after a rise of over 150% in 2023. We are just shy of the historical record of around $69,000.

That being said, Bitcoin is already at an all-time high in more than 30 different countries. Even 50 countries now that it has just beaten its record against the euro. The reason being that the single currency has depreciated by 6% against the greenback since Bitcoin’s last ATH.

Bitcoin has passed all-time highs in 30+ countries, including China and India. pic.twitter.com/63CnC9DE0F

— Balaji (@balajis) February 28, 2024

“We could see a new all-time high against the dollar any day now,” said Simon Peters, an analyst at eToro, to the Financial Times. “The driving force behind this is undoubtedly the ETFs,”.

Indeed, Google searches for the word “bitcoin” remain anemic. This proves that this rally does not come from the common people. This time, it’s the large investment funds that are in operation.

The total volume traded on Bitcoin ETFs was $7.69 billion this Wednesday. A record. That represents 122,000 Bitcoins. In net terms, nearly $700 million was invested in Bitcoin on that single day.

According to K33 Research, the 11 ETFs have already absorbed more than 300,000 Bitcoins. That’s $18 billion, about 1.5% of all Bitcoins in circulation.

If we add the old GBTC Trust, American ETFs now hold over 768,000 BTC. That’s almost 4% of all Bitcoins in circulation.

U.S. spot ETFs now hold 768,280 BTC. They have seen a net inflow of a whooping 149,080 BTC since its launch.

The net flows in the past three days sit at a massive 30,754 BTC! pic.twitter.com/ndhTt3oa94

— Vetle Lunde (@VetleLunde) February 29, 2024

By the way, it’s not possible on ETF platforms to invest in shitcoins. There will be no Alt season on Wall Street.

It is certain that the rise is partly speculative. Furthermore, everyone has a price and sellers will appear sooner or later.

However, with the halving and monetary easing in view, the horizon remains clear. $100,000 finally in sight.

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