Pioneering digital currency continues challenge supremacy of traditional fiat currencies, and several have already succumbed to new peaks in their exchange rates against Bitcoin.
Pioneering digital currency continues challenge supremacy of traditional fiat currencies, and several have already succumbed to new peaks in their exchange rates against Bitcoin.
Earlier this Monday, Bitcoin recorded a new all-time high (ATH) against the euro.
In fact, data from cryptocurrency analytics platform RIVER shows that of the top 20 fiat currencies, 14 of them have seen Bitcoin rise to unprecedented levels.
In addition to the euro, the Japanese yen, the British pound, the Australian dollar, the Canadian dollar, the Chinese yuan, the New Zealand dollar, the Swedish crown, the South Korean won, the Norwegian crown, the Indian rupee, the Brazilian real, the rand South African, among others, have all seen Bitcoin reach the highest levels ever recorded against them.
Coins that have yet to see Bitcoin’s peak
Bitcoin has been making headlines with its new ATH against the Euro, there are still several fiat currencies resisting the Bitcoin tide.
The US dollar, Swiss franc, Hong Kong dollar, and Mexican peso, among others, have yet to see Bitcoin reach a new peak.
The chart indicates that the US dollar is only 5% away from its all-time high, while the Mexican peso has the furthest to go, needing a 27% rise to reach a new high.
Influx of new investors
The cryptocurrency market may be on the verge of a bullish rally, as indicated by a recent surge in new investors.
CryptoQuant.com reports a significant increase in the proportion of short-term investors: those who hold their positions between one day and one week reach 10.62%.
This level of market participation is reminiscent of the early stages of previous bull rallies, suggesting the possibility of considerable price movements in the near future.
The largest cryptocurrency just surpassed the $66,000 level, according to CoinGecko data.
