Bitcoin
Bitcoin Sets New All-Time High In These Global Currencies
Tony Spilotro · @tonyspilotroBTC | Oct 22, 2020 | 15:00
Bitcoin price blasted yesterday over $1,000 to a high of $13,200 and has reignited interest in the crypto market once again in a major way. A new 2020 high was set on the BTCUSD pair, but a higher peak over the 2019 top has yet to be reached.
Elsewhere in the world, however, the leading cryptocurrency by market cap has just set a new all-time high, valued in various national fiat currencies. A new record is bound to incite FOMO in these countries, which could help keep the Bitcoin ball rolling uphill for months to come.
BTCUSD Breaks Above $13,000 For First Time In Over A Year, New 2020 Record Set
A perfect storm for Bitcoin is here, and the bull market is nearly upon us. The block reward halving said to have a dramatic impact on the asset’s supply and demand is now months ago, and the effect of digital scarcity might be the reason for rising valuations.
Businesses buying up massive sums of BTC to hedge against the dollar’s coming collapse has helped keep the top crypto asset resilience in the face of bad news for the industry. When the news turned positive this week, with PayPal revealing that it would soon support cryptocurrencies like Bitcoin, BCH, Ethereum, and Litecoin, the market responded with an enormous release of pent up bullish energy.
RELATED READING | THIS UNUSUAL BITCOIN ADOPTION METRIC SETS NEW ATH
The bullish impulse broke upward into a $1,000 and more intraday candle and set a new peak for 2020 at over $13,000.
The top cryptocurrency fails to set a new higher high over 2019 peak | Source: BTCUSD on TradingView.com
A high timeframe higher high has yet to be set, on the BTCUSD trading pair, with the 2019 top acting as the resistance to beat before a new all-time high can be set. However, priced in other fiat currencies and not the dollar, Bitcoin not only put in the higher high, but a new all-time high was set.
Bitcoin Breaks All-Time High Against Brazilian Real, Turkish Lira
BTCUSD still has more to go to set a higher high over the 2019 peak, but in Brazilian real or Turkish Lira, the leading cryptocurrency by market cap just set a new all-time high.
The leading cryptocurrency by market cap sets a new all-time high in various global currencies | Source: BTCBRL & BTCTRY on TradingView.com
A new record in price could cause a massive wave of FOMO in these countries as investors scramble to take advantage of the trend before Bitcoin gets even more expensive in these countries.
These aren’t the only fiat currencies the cryptocurrency set a new peak in, and more are to follow the higher Bitcoin climbs.
RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES
Recently, Google Finance moved Bitcoin to the front of the line in its list of forex currencies. Could this be a sign of what’s to come, where Bitcoin becomes the most important currency in the world?
Featured image from Deposit Photos, Charts from TradingView.com
