Business & Finance Digital

Bitcoin price close to a new record high

  • March 4, 2024
  • 2 min read
Bitcoin price close to a new record high

Bitcoin has reached a new all-time high compared to the Euro as the cryptocurrency’s price has hit a new multi-year high of 60,000 euros. It broke the new milestone on the 4th March, reaching this value for the first time in history.

Data from TradingView has found that bitcoin reached 60,393 euro, climbing  about 5% from its intraday low of 57,521 euros. As of the time of writing, it is currently trading at 59,981 euros, up 56%.

Prior to this, it hit multiple milestones. On the 28th February, it broke the all-time high of around 53,000 euros for the first time. It has been hitting record highs against multiple fiat currencies in 2024 including the Chinese yean (CNY) which is the world’s largest fiat currency in terms of market capitalisation. In late February, it broke the previous record of 414,000 CNY and is currently at 467,506. It hit its all-time highs in more than 30 countries including  China, Russia, Japan, South Korea, and Argentina.

However, it still has yet to break new highs against other currencies including the US dollar, Swiss franc, Brazilian real, and Mexican peso. Its current value of $65,000 is around 6% less than its all-time record of $69,000. The Mexican peso is among its most ambitious targets as it currently trades for 1.1 million pesos, 24% less than its all time record of 1.4 million pesos in November 2021.

These records come as bitcoin gains more exposure following the launch of spot bitcoin exchange-traded funds (ETFs) in the US on the 11th January. Following this, bitcoin ETF issuers purchased 340,000 BTC as of 1st of March, excluding massive BTC sales by the Grayscale Bitcoin Trust ETF.

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