Why has Bitcoin reached its ATH against major currencies but not USD?

This week, Bitcoin wiped out almost all of its losses since its November 2021 high, passing $62,000 and even topping $64,000 during US trading hours on certain exchanges. However, its ongoing struggle to surpass its all-time high of $68,000 overshadows this massive price increase. However, when measured against other fiat currencies, Bitcoin’s valuation has soared to new heights, surpassing almost all previous records.

This discrepancy in performance across different currency markets warrants a deeper analysis. Understanding these discrepancies can reveal the interplay between Bitcoin and the global economy, shedding light on the economic conditions influencing Bitcoin’s price.

In this report, CryptoSlate will dive deep into Bitcoin’s performance against major fiat currencies and the reasons behind its failure to exceed the previous all-time high in US dollars.