Bitcoin reaches record highs against global currencies like the euro and AUD. BTC bulls now eye gold as the next frontier amid strong Q4 momentum.
Bitcoin's recent surge has propelled it to record highs against major fiat currencies, including the euro and Australian dollar. As BTC inches toward new all-time highs in USD, Bitcoin enthusiasts are now setting their sights on gold, with some analysts forecasting an intense competition between the two assets as stores of value.
Key Points
Bitcoin Hits Record High in Euros:
Bitcoin’s price surge reached a new peak against the euro on October 29, hitting €67,987 on Binance. Analyst Tuur Demeester noted that the Eurozone’s 350 million residents experienced Bitcoin’s highest-ever value in their local currency, as BTC benefits from recent dollar shifts.
Record Highs in Other Fiat Currencies:
Besides the euro, Bitcoin has set records against other major currencies, including the Australian dollar, Canadian dollar, and Turkish lira. This broad fiat depreciation underscores Bitcoin’s role as a store of value amid economic uncertainty and currency weakness.
Bitcoin vs. Gold:
Despite Bitcoin’s impressive gains, it still has ground to cover to surpass gold as a global store of value. Veteran trader Peter Brandt shared a chart comparing BTC with gold, highlighting that Bitcoin remains below its March 2024 high and has yet to break its double highs from 2021. Gold, meanwhile, reached a new all-time high of $2,789.85 per ounce on October 29.
European Central Bank Criticism:
The ECB has remained a vocal Bitcoin critic, with recent ECB reports facing backlash from the crypto community. Analysts, including Demeester, warn that such criticism could translate into restrictive policies, potentially including harsh taxes or outright bans.
Other Crypto Market Updates
Global Market Cap: The total crypto market cap hits $2.41T, up 4.00% in the last 24 hours (via CoinMarketCap).
Bitcoin (BTC): Trading between $70,929 and $73,620, BTC is currently at $72,509 (+1.65%) as of 09:30 AM UTC.
Top Performers: TROY (+66%), MASK (+34%), and LINA (+26%) are leading gains among major tokens by market cap.
Dollar Index (DXY): The DXY dropped 22 points to 104.38, showing slight relief for crypto markets (Odaily).
AI in Code Generation: Google CEO Sundar Pichai reveals AI now generates over 25% of new code at Google, signaling a shift towards automation in software development (Odaily).
Solana Stakers: Data from Solscan reports BGSOL (7,193), BNSOL (6,890), and BBSOL (4,608) leading on-chain staking activity on Solana (BlockBeats).
DeFi Protocol Fees: Jito protocol earned $4.25M in fees over 24 hours, ranking third after Tether and Ethereum (DefiLlama via BlockBeats).
ETF Inflows: Bitcoin ETFs have seen significant inflows, with around $2.4 billion in recent weeks, fueling BTC’s ongoing rally. Analysts suggest that U.S. election speculation and potential regulatory shifts may be boosting demand for ETFs.
Ethereum and Altcoins: Ethereum is gaining momentum due to network upgrades, and other altcoins like Solana and Cardano are also seeing positive price action amid heightened market activity.
Macro Trends: Economic factors, including Japan’s low inflation rate and China’s rate cuts, are supporting risk-on assets like Bitcoin, as crypto markets respond to a favorable Q4 economic outlook.
Related: Bitcoin Miners Thrive as BTC Hits $70K Milestone, Spurred by Global Liquidity and AI Expansion
Bitcoin’s rise to record levels in various fiat currencies highlights its growing role as a hedge against fiat depreciation. As BTC nears all-time highs in USD, Bitcoin enthusiasts are now looking toward gold, setting the stage for a potential showdown between two of the world’s most sought-after stores of value.
Related: Cointelegraph
Disclaimer: This article is for informational purposes only and should not be considered financial, legal, or investment advice. Cryptocurrency investments carry substantial risk due to market volatility and regulatory uncertainty. Always conduct thorough research and consult a qualified financial professional before making any investment decisions.
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