So far, 2019 has proved to be a year of highs and lows for Bitcoin’s euro-denominated exchange rate, or BTC/EUR.
The cryptocurrency started 2019 priced at just €3,380, a huge drop from the highs of over €14,000 that were achieved during the unprecedented Bitcoin boom of December 2017. More than a year later, the market was still recovering from the cryptocurrency crash of 2018, which saw a massive sell-off amid concerns about regulation, light trading volumes in Asia, and an unsustainable price run-up.
Despite 2019’s lacklustre start, there was a sense of optimism in the market. The nightmare of 2018 was finally over and trading volumes indicated a substantial increase in investor interest. This sentiment proved to be justified as a look at the BTC/EUR price chart shows a steady upwards trend from January 2019 until the summer.
Things really started heating up in June when Bitcoin’s price topped €11,000, hitting its highest level in euro-denominated terms in 17 months on June 26. Despite this, on a month-to-date basis, BTC/EUR was only up by about 28.7%, whereas BTC/USD showed a 31.2% increase. Some analysts suggested Bitcoin’s relative underperformance in EUR terms could be associated with the fact that the euro had strengthened 2% against the US dollar during June.
Nevertheless, the summer continued to be a strong season for Bitcoin, with the cryptocurrency once again climbing above €11,000 in July after a few short-term dips. So far, the €11,234 price that was reached on July 10 has proved to be the high of 2019, representing a gain of 232% from the beginning of the year.
Unfortunately, autumn turned out to be a less fruitful season for Bitcoin. The Bitcoin price has mostly been on a downward trend since mid-August, and at the time of writing, it is around €8,424 – albeit