Is Bitcoin $BTC Really at an All-Time High?
It might surprise you, but the price of Bitcoin hasn't quite reached its all-time high, at least not in terms of its value relative to the last bull market.
While CoinMarketCap lists Bitcoin's all-time high as $73,750 (reached on May 14, 2024), this figure is based on the U.S.dollar. However, the value of the U.S. dollar has decreased by approximately 16% due to inflation since the last bull market around September 2021.
Considering Inflation
To get a more accurate picture, we need to factor in inflation. If we adjust for the decline in the dollar's value, Bitcoin's true all-time high would be around $76,000 ($65,500 * 1.16).
The Importance of Bitcoin's Intrinsic Value
It's crucial to remember that Bitcoin's value isn't solely determined by its price in dollars. Bitcoin is a digital asset with its own intrinsic value. One Bitcoin is always one Bitcoin, regardless of its price in fiat currency.
Conclusion
While Bitcoin has certainly made significant strides, its true all-time high, when adjusted for inflation, remains a bit higher than the current price. As the crypto market continues to evolve, it will be interesting to see how Bitcoin's value fares in the future.
