Cryptocurrency analyst Joao Wedson noted that while Bitcoin has reached an all-time high in US dollar terms, other currencies have yet to reach that level.
In his statement on his social media account, Wedson stated that the BTC/USD parity, which has the highest trading volume against the dollar, broke the record, but said that the same was not the case for other fiat currencies.
According to Wedson, in order for Bitcoin to break records against other major currencies, it needs to rise at the following rates:
- 10.3 percent against the euro
- 11.5 percent against the British pound
- 11 percent against the Swiss franc
- 10 percent against Japanese yen
- 8 percent against the South Korean won
- 5 percent against the Canadian dollar
- 29 percent against the Russian ruble
- 8 percent against the Brazilian real
Wedson noted that these differences clearly demonstrate the impact of exchange rates on the cryptocurrency market. “Looking beyond the dollar, we see that there is still significant room for upside. But this also indicates that new resistance levels may be formed,” he said.
Wedson also pointed out some advantages that most investors are not aware of: “Bitcoin pairs traded with currencies such as the euro and ruble may offer higher statistical asymmetry compared to the dollar pair. However, this is not talked about much in the market.”
*This is not investment advice.
Continue Reading: Bitcoin Sets a New Record, But Beware: No Record Yet in Non-Dollar Currency Pairs – Analyst Says There Is Room for Upside – Here Are the Details
