Bitcoin’s (BTC) uptick by more than 15% this week has caused the asset to hit new all-time highs (ATHs) against several depreciating fiat currencies. With the leading cryptocurrency recording new highs against the Argentine peso (ARS), the Japanese yen (JPY), the Turkish lira (TRY), and the Nigerian naira (NGN), anticipation is rising about when it will register an ATH against the United States Dollar (USD). BTC Records New Highs As reported by CryptoPotato earlier this week, BTC reached a new ATH in Argentina, recording a valuation of 40 million ARS. The Argentine Peso has declined roughly 99% against the USD in the last six years, causing Argentinians to turn to alternative assets, like BTC and USDT, to look for safe havens. With BTC going above ,000 yesterday, the
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Bitcoin’s (BTC) uptick by more than 15% this week has caused the asset to hit new all-time highs (ATHs) against several depreciating fiat currencies.
With the leading cryptocurrency recording new highs against the Argentine peso (ARS), the Japanese yen (JPY), the Turkish lira (TRY), and the Nigerian naira (NGN), anticipation is rising about when it will register an ATH against the United States Dollar (USD).
BTC Records New Highs
As reported by CryptoPotato earlier this week, BTC reached a new ATH in Argentina, recording a valuation of 40 million ARS. The Argentine Peso has declined roughly 99% against the USD in the last six years, causing Argentinians to turn to alternative assets, like BTC and USDT, to look for safe havens.
With BTC going above $52,000 yesterday, the asset soared to a new peak of 7.9 million Yen on Tokyo-based crypto exchange bitFLYER, surpassing its record peak of 7.79 million JPY in November 2021. The JPY has continued to lose its value, falling to 150 against the USD and allowing Germany to overtake Japan as the world’s third-largest economy in terms of the dollar.
Bitcoin is also trading higher in Nigeria as the asset is worth roughly 75 million NGN. The current figure starkly contrasts the 30 million NGN recorded when BTC reached its ATH against the dollar in November 2021. Although the Nigerian government has softened its stance against cryptocurrencies, the country is still knee-deep in inflation.
Furthermore, BTC’s valuation in Turkey currently sits at 1.6 million TRY, with the lira experiencing a high inflation rate amid political uncertainty.
When USD?
Turkey, Nigeria, and Argentina face the same fate as several other countries, including Egypt, Lebanon, and Pakistan, whose official currencies have been on a free fall against the USD.
While BTC trades at a premium in these countries, the digital asset is still worth 24% less against the greenback than its November 2021 ATH of almost $70,000.
Although the asset has witnessed a significant surge recently, on-chain analysts say there is still room for growth. With the next Bitcoin halving event, which has a history of triggering bull seasons, around the corner and inflows from the new exchange-traded funds on the rise, there have been predictions that BTC may peak at $150,000 before the year runs out.