- Bitcoin has pushed past AUD $87K, fast approaching its previous ATH in the national currency.
- BTC is still approximately 20% away from its USD ATH, as anticipation of the next halving event grows.
- South Africa, Japan and Turkey are among several countries that have posted their own local BTC all-time highs.
- The reason for the discrepancy is due to the relative strength of the USD, which has performed well during the inflation crisis post-Covid.
When will it stop? Bitcoin has been on a rampage this past week, smashing multiple milestones and nearing its all-time high in many currencies – and in some instances, surpassing it. The crypto market has exceeded expectations since the back-end of 2023, but things have shifted into the next gear thanks to the SEC’s approval of spot Bitcoin ETFs and the upcoming Bitcoin halving. It’s been a long, icy crypto winter – but with bears around the world ending hibernation, bull season may finally be upon us.
Strength of USD Pushes BTC Pairings to New Heights
It’s a fun game to go to a chart of Bitcoin and observe the gains over specific timeframes.
- 1 day – 4%
- 1 week – 9%
- 1 month – 35%
- 1 year – 143%
And while Bitcoin is still about 20% away from reaching its all-time high relative to USD – which, let’s be real, is the most important price metric for the market – it is edging much closer around the world.
The key reason for this has been the USD’s extreme strength as the global reserve currency amid tight economic conditions. Just take a look at the USD/AUD chart since 2021’s bull run (and Bitcoin’s last all-time high). At the time, $1 USD was worth about $1.30 AUD. Today, $1 USD can net you $1.53 AUD.
Bitcoin’s all-time high in AUD was recorded on November 10, 2021 at AUD $93.4K. In today’s terms, this is equivalent to USD $61K – much lower than Bitcoin’s actual ATH in USD, ~$68.7K. But thanks to the USD’s performance, Aussies can start dreaming of a new record as the price of BTC surged past AUD $87K.
Over in South Africa, the milestone has already been breached. Bitcoin is trading at over ZAR $1M, edging out its previous ATH by around 8%.
BTC/ZAR, all-time graph, source: CoinMarketCap
South Africa isn’t the only country to experience this record-breaking moment. Several other nations with relatively weak fiat currencies – Argentina, Egypt, Japan, Nigeria and Turkey – are just some examples of BTC/fiat all-time highs.
Bitcoin beating its previous USD all-time high is the signal everyone’s waiting for to truly announce a new bull market. But for now, we can revel in the incredible momentum and resilience the coin has displayed over the past 18 months.
Source:
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