In the past 24 hours the price of the world’s top digital currency nearly reached $30 within one hour of trading, raising it above the $740. In doing so, Bitcoin has reached a three year all time high in Europe, rising to €699.50, according to the charts of two European exchanges - Kraken and Bitstamp.
A €699 price tag beats its 2016 highs in Europe - in June 2016, it failed to pass the €652 range before being brought further down by the hack on the Bitfinex exchange - to be the highest value the digital currency has had since November 2013, when the USD rate rose to over $1,000 and the EUR value stood at €772, according to a Bitstamp history chart.
EUR down to USD
However, with the ongoing surge in its price in USD - pushing to $747 as of Thursday Nov. 17 - based on suggested factors, including a weakening yuan and the sharp rise in the demand for Bitcoin in India where a demonetization process began about a week ago, the EUR has lost its strength against the USD. This has correlated with an increase in its Bitcoin value, at a rate that is not commensurate with the USD’s.
According to Bloomberg, the value of the EUR to USD has been on a downward trend since the Nov. 8 elections, in which Donald Trump was elected the next U.S. president.
In fact, the EUR is at its lowest this year. It has fallen from a $1.1 rate on Nov. 8 to a low of $1.06 by Thursday Nov. 17.
Outlook
The nosedive in the currency parity appears set to continue. With the look of things, this ongoing trend may push the price of Bitcoin past its previous EUR record or correct the price to a new rate.