The new BTC ATH against these currencies indicates a declining market value for the fiat currencies due to rising inflation.
Bitcoin price breached $59,000 earlier on Feb. 28, reaching a new two-year high of $59,485 and only down by 13% from its all-time high (ATH) of $68,789. As BTC’s price nears its all-time-high price in terms of dollar value, it has already broken ATH records against multiple fiat currencies.
Over the past few days, BTC has hit ATH’s price against the Japanese yen, Malaysian ringgit, Indian rupee, Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone and Turkish lira.
Bitcoin price has seen at least 270% surge after each halving event; the price of Bitcoin before 2012’s halving was $12, and one year later, it jumped to $964. Similarly, BTC’s price before the 2016 halving was $663; a year later, it jumped to $2,500. Again, in 2020, Bitcoin price before the halving date was $8,500, and within a year, it rose to $68,783.
