The Bitcoin (BTC) is no longer very far from a historic high against the dollar but it is already the case for 60 other currencies such as the Russian ruble, the Turkish lira, the Indian rupee, the Australian dollar, the Argentinian peso, the Polish zloty, the Hungarian guilder or the Brazilian real.
The Indian rupee is now 13% higher compared to the last high of December 2018. The ruble is 28% higher and the real of 72%.
Other more exotic currencies are literally on the carpet against Bitcoin. For example, the value of the Argentine peso has been divided by 4 since 2017 and let’s not talk about the Venezuelan bolivar. Many South American currencies are bending against cryptocurrency. In particular the Colombian and Uruguayan pesos.
The same goes against most African currencies. There is practically only the CFA Franc and its fixed parity with the euro which is not yet at its lowest against the BTC. The Algerian dinar has also given in just like the Lebanese pound or the Turkish lira which is already showing an increase of more than 100% compared to the previous ATH (All Time High) of 2017.
Face au dollar, the cryptocurrency found some resistance on the $ 18,500 level, just $ 1,000 off the all-time high. But in view of what is happening on other currencies, it is possible to think that BTC will very soon make history against the greenback as well as the single currency.
The next wave of bitcoin clearing the $ 20,000 will certainly be caused by a breakout of the 92 support on the Dollar Index. We must watch closely EUR / USD which has the largest weight in the basket of currencies of the Dollar Index.
Christine Lagarde keeps trying to push the euro down for a few days by announcing a new half-word QE but the point is that most of the big banks expect the dollar to fall sharply in the coming months.
Decisive breakout of 1.19 then 1.20 on EUR / USD should drop the horses on BTC / USD with a new high and $ 25,000 in the sights. This will not be long in coming if we observe the pressure that has been building up since the end of July.
About the Bitcoin capitalization (the value of the existing bitcoin stock), we are already at an all-time high, over $ 334 billion. This higher is explained by the fact that there are now more bitcoins in circulation compared to 2017.