New all-time high for Bitcoin? On Binance, yes

Last night, the price of Bitcoin marked a new all-time high on Binance, but not on all exchanges. 

For example, on the crypto aggregator CoinMarketCap, absolutely one of the most followed in the world, the record of 111,970.17$ set on May 22nd last year still stands, but in this case, it is a sort of average value calculated based on data collected from many different exchanges. 

The record of May 22 still holds on other important aggregators as well. 

Despite this, on some individual crypto exchanges, the new all-time high price of Bitcoin was recorded just yesterday. 

The price of Bitcoin on Binance

First of all, it must be said that on Binance the reference is not the trading pair BTC/USD, that is between Bitcoin and US dollars, but BTC/USDT, that is between Bitcoin and Tether dollar.

USDT is the main stablecoin in the world in US dollars, but its market value is not always exactly $1.0000.

For example, last night it fluctuated between $1.0008 and $1.0012, and this slightly changes the calculations. 

Taking as a reference the market value of BTC in USDT on Binance, already on May 22, the 112,000 USDT had been reached. 

The fact remains, however, that last night the 112,030 USDT mark was reached, which on Binance constitutes the new all-time high price of Bitcoin in tether dollar.

The price of Bitcoin on Coinbase

Regarding the price in USD, that is, in real American dollars, it is advisable to examine the trading pair BTC/USD on Coinbase, which is the main American exchange.

This pair allows the direct exchange of Bitcoin into real dollars, so as a reference point for analyses, it is excellent. 

In fact, even on Coinbase on May 22, a historic maximum price of $120,000 (i.e., USD) was reached, while last night there was even a single peak above $112,150.

Therefore, even on Coinbase, the price of Bitcoin in American dollars reached its all-time high last night. 

The price on aggregators

Aggregators like CoinMarketCap do not calculate the price in this way. 

Or, rather, they do not use a single trading pair on a single exchange, but instead aggregate data from many trading pairs on many exchanges, including DEXs.

It is obvious that for those who use a single exchange to trade BTC, the most important thing is the price on that specific exchange, but those who use multiple exchanges should average the data to have a more precise picture. 

It should be remembered that crypto exchange do not communicate with each other, as they are isolated platforms from one another, and this means that trades on one exchange do not directly and immediately influence those on other exchanges. This results in almost always having different prices on different crypto exchanges even on the same trading pairs, and this means that in the end, it is advisable to use the averaged data from the exchanges to have a more general overview.

Therefore, although on some exchanges the all-time high price of Bitcoin was recorded last night, in reality, to generally state that a new all-time high has been recorded, it would be advisable to take the data reported on the aggregators as a reference. 

On the main aggregators, the all-time high remains that of May 22, slightly below $112,000. 

The price in euro

The speech, on the other hand, is clearer if other global currencies, such as the euro, are taken into consideration. 

It is necessary, however, to remember not only that the only true global reference currency is the United States dollar (USD), but also that the American market is by far the most important for Bitcoin. 

Furthermore, the trend of the BTC price tends to be inversely correlated to the Dollar Index, making it essential to focus on the price in dollars to conduct at least the analyses. 

Having said that, for several months now the US dollar has been depreciating against the euro. 

At the beginning of the year, with one euro, you could buy only 1.03 dollars, while now you can buy more than 1.17. 

This significant appreciation of the euro against the dollar has meant that the price of Bitcoin in euro increased much less compared to that in dollars. 

At the beginning of the year, a Bitcoin was worth €90,116, with the all-time high reached on January 20 at €105,950.

Since then, the depreciation of the dollar against the euro has begun, and thus the price of BTC in euro has not been able to return to its historical highs. 

For example, on May 22, it stopped below €100,000, and last night it didn’t even manage to exceed €96,000. 

Despite this, what matters most in the global markets is the trend of the Bitcoin price in dollars, also because the majority of trades are made in stablecoin (USDT or USDC) even in Europe, and the euro/dollar exchange rate continuously varies over time, sometimes falling and sometimes rising. 

If at this moment the dollar is weak against the euro, in a few years the situation could also have diametrically reversed.