The pioneering digital currency continues to challenge the supremacy of traditional fiat currencies, with several already succumbing 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 the cryptocurrency analysis platform RIVER shows that out of the top 20 fiat currencies, 14 of them have seen Bitcoin climb to unprecedented levels.
Alongside the Euro, the Japanese Yen, British Pound Sterling, Australian Dollar, Canadian Dollar, Chinese Yuan, New Zealand Dollar, Swedish Krona, South Korean Won, Norwegian Krone, Indian Rupee, Brazilian Real, South African Rand, among others, have all seen Bitcoin reach the highest levels ever recorded against them.
Currencies yet to see Bitcoin peak
Bitcoin has been making headlines with its new ATH against the Euro, there are still several fiat currencies holding out against Bitcoin's tide.
The United States Dollar, Swiss Franc, Hong Kong Dollar and Mexican Peso, among others, have not yet seen Bitcoin reach a new peak.
The chart indicates that the U.S. Dollar is just 5% away from its ATH, while the Mexican Peso has the furthest to go, with a 27% increase needed to reach a new high.
Influx of new investors
The cryptocurrency market may be on the cusp 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, with those holding their positions for between one day and one week reaching 10.62%.
This level of market participation is reminiscent of the early stages of previous bull rallies, hinting at the possibility of considerable price movements in the near future.
The largest cryptocurrency has just surpassed the $66,000 level, according to CoinGecko data.
Mushumir Butt
Gamza Khanzadaev
Tomiwabold Olajide
