LIVE***Bitcoin Achieves Record Highs Against Global Currencies Amid Speculation of New Peaks***
This week, Bitcoin (BTC) saw a remarkable increase of over 15%, reaching unprecedented levels against various weakening fiat currencies. The surge propelled Bitcoin to record highs against the Argentine peso (ARS), Japanese yen (JPY), Turkish lira (TRY), and the Nigerian naira (NGN), sparking speculation about when it will achieve a new all-time high against the United States Dollar (USD).
CryptoPotato recently reported that Bitcoin achieved a new ATH in Argentina, hitting a valuation of 40 million ARS. Over the past six years, the Argentine Peso has plummeted by approximately 99% compared to the USD, prompting Argentinians to seek refuge in alternative assets like BTC and USDT.
Bitcoin's price exceeded $52,000 yesterday, leading to a peak of 7.9 million Yen on bitFLYER, a Tokyo-based cryptocurrency exchange. This surpassed its previous record of 7.79 million JPY in November 2021. The yen has been depreciating, reaching 150 against the USD and allowing Germany to surpass Japan as the world's third-largest economy measured in dollars.
In Nigeria, Bitcoin is now trading at about 75 million NGN, a sharp increase from the 30 million NGN mark it hit during its ATH against the dollar in November 2021. Despite the Nigerian government's more lenient approach to cryptocurrencies, the country continues to grapple with severe inflation.
With currencies in Turkey, Nigeria, and Argentina, among others like Egypt, Lebanon, and Pakistan, experiencing significant devaluation against the USD, Bitcoin trades at a premium in these nations. However, it remains 24% below its November 2021 ATH against the USD of nearly $70,000.
Despite the recent uptick, on-chain analysts believe Bitcoin has more potential for growth. With the upcoming Bitcoin halving event, known to initiate bull markets, and increasing inflows from new exchange-traded funds, predictions have emerged that Bitcoin could soar to $150,000 by year's end.
