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