February 16, 2024

Bitcoin's Milestone: Surges to All-Time High in Japanese Yen, Eyes Next Currencies

Bitcoin has soared to unprecedented heights in the Japanese yen, hitting ¥7.92 million.

Bitcoin's resurgence has catapulted its market capitalization above $1 trillion once again, achieving a historic milestone by reaching an all-time high in the Japanese yen. This momentous event marks the first fresh peak in a major currency, following its previous highs in the Argentine peso and the Turkish lira.

Last days, bitcoin in JPY (BTC/JPY) was trading at 7.92 million yen ($52,829), surpassing its former all-time high of 7.79 million yen recorded in November 2021.

The Japanese yen has experienced a significant decline of 25% against the dollar since bitcoin's previous all-time high.

BTC/JPY (weekly chart)

Interestingly, the last time bitcoin reached its peak in Japanese yen coincided with its dollar peak, hovering around $69,000.

Bitcoin has been consistently reaching new all-time highs in two other currencies almost weekly.

Both the Argentine peso and the Turkish lira have shown a consistent trend of depreciation against bitcoin:

BTC/ARS
BTC/TRY

These countries grapple with exorbitant yearly inflation rates, standing at 211.4% in Argentina and 64.7% in Turkey according to December 2023 numbers.

Many are unaware that the bitcoin all-time high (ATH) has already been reached for over 1 billion people, denominated in various currencies:

  • Japanese yen
  • South African rand
  • Argentinian peso
  • Turkish lira
  • Nigerian naira
  • Pakistani rupee
  • Egyptian pound
  • Kenyan shilling
  • Bangladeshi taka

Bitcoin is now positioned to set fresh all-time highs in various major (and minor) currencies:

  • Approximately 9% off its all-time high in the Russian ruble (RUB).
  • 15% in the Korean won (KRW).
  • 17% in the Australian dollar (AUD).
  • 22% in the British pound (GBP) and the euro (EUR).

It's worth noting that the most commonly used trading pair and general measure typically revolves around the U.S. dollar. This underscores the importance of bitcoin's performance against the dollar as a significant benchmark for many traders and investors worldwide.

The peak against the U.S. dollar remains roughly 30% away. The variance in currencies can be attributed to their depreciation against the greenback and is likely to be interpreted as a testament to bitcoin's 'hard money' attributes by its proponents.

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