Bitcoin BTC/USD is back above $1 trillion in market capitalization and has hit an all-time high in the Japanese yen. This marks the first new all-time high in a major currency, following previous highs in the Argentine peso and the Turkish lira.
What Happened: Bitcoin in JPY (BTC/JPY) is currently trading at 7.81 million yen ($51,867.50), surpassing its previous all-time high of 7.79 million yen set in November 2021.
The Japanese yen has decreased almost 50% against the dollar since Bitcoin's last all-time high.
The last Bitcoin all-time high in Japanese yen coincided with Bitcoin's dollar peak at around $68,940.
The crypto king has been hitting new all-time highs in two other currencies almost on a weekly basis.
The Argentine peso has been consistently depreciating against Bitcoin:
So has the Turkish lira:
Both countries suffer from exorbitant yearly inflation rates, 211.4% in December 2023 in Argentina and 64.7% in Turkey, according to Tradingeconomics data.
Also Read: Peter Thiel's Founders Fund Bets Big On Bitcoin And Ether With $200M Investment: Report
What’s Next: Bitcoin is poised to set new all-time highs in other major and minor currencies as well:
- 11% off its all-time high in Russian ruble (RUB)
- 18% in Korean won (KRW)
- 20% in Australian dollar (AUD)
- 25% in British pound (GBP) and euro (EUR)
The elusive U.S. dollar peak is roughly 33% away. The difference in currencies can be attributed to their depreciation against the greenback and will likely be seen as a testament to Bitcoin's "hard money" qualities by supporters.
On Tuesday, the world's biggest cryptocurrency traded around $52,000.
Photo: Shutterstock
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