Bitcoin is having a massive start to March with the premier digital asset coming agonizingly close to its All-Time High (ATH) of $69k. Bitcoin ATH was very close yesterday, as the digital asset reached as high as $68.7k on some exchanges but couldn’t manage to reach the ultimate level. However, in many countries around the world, there were trends of a new ATH.
Was Bitcoin ATH Achieved Yesterday?
It depends on who you ask. Bitcoin didn’t post a new ATH against the USD but it did post record exchange rates against many of the top fiat currencies of the world. They include the Euro (EUR), Indian Rupee (INR), Canadian Dollar (CAD), Chinese Yen (CNY), Nigerian Naira (NGN), Pakistan Rupee (PKR) and dozens of others.
It is safe to say that bitcoin posted new ATHs against most fiat currencies of the world yesterday apart from the USD, Mexico Peso (MXN), and a few other examples.
Let’s summarize price movements in a few of the world’s top fiat currencies:
Bitcoin-Euro
Bitcoin went above the 60,000 EUR valuation for the first time in its history yesterday. During the previous bull market, the digital currency had gone close to the $60k resistance but it wasn’t able to surpass it.
This shows the strength of bitcoin but also the weakening of the euro against USD. Much of it is blamed on the ongoing Russian invasion of Ukraine.
Bitcoin-Indian Rupee
The world’s most populous country is a big bitcoin hub and recently posted a new high of 5.7 million INR/Bitcoin. The highest valuation of the digital currency in the last bull market was well below 5 million INR. Bitcoin actually surpassed it a week ago and is now at record highs.
This price movement also shows some weakening of the INR against the USD as well as BTC itself.
Bitcoin-Chinese Yen
Despite Bitcoin being banned in mainland China, reportedly there is a lot of under-the-table trading in the digital currency. There are some geographically unique locations where users can buy/sell bitcoin. Bitcoin recorded a new ATH of 495,600 against the CNY.
During the last bull market, BTC wasn’t able to break above the 415,000 CNY level. This time around, a new ATH had already been set on February 28 as the index reached as high as 450,000 CNY. This was broken further yesterday and now a new ATH is in place.
This price movement also shows the CNY weakening against both the USD and BTC during the last 2-2.5 years.
Bitcoin-Mexico Peso
The Mexican Peso is an exception in this list as bitcoin is yet to come close to its previous ATH high of 1.3 million MXN set in November 2021. The premier digital asset went as high as 1.16 million MXN yesterday but it still has its work cut out for it in the near future.
This graph shows the strength of the MXN against the USD in particular. It is currently hovering below 17 MXN/USD while it was 21 MXN/USD back in November 2021.
Conclusion
Many of the top fiat currencies in the world posted new ATHs against bitcoin yesterday apart from a few exceptions. Proponents like Robert Kiyosaki use this ability of BTC to promote it as a hedge against the inflation of local fiat currencies.
