Bitcoin Hits All-Time High In Japanese Yen: These Currencies Are Next In Line

Zinger Key Points
  • Bitcoin hit an all-time high in Japanese yen at ¥7.81 million.
  • The crypto king is 33% off its U.S. dollar all-time high, but poised to hit new highs in other major currencies sooner.

Bitcoin BTC/USD is back above $1 trillion in market capitalization and has hit an all-time high in the Japanese yen. This marks the first new all-time high in a major currency, following previous highs in the Argentine peso and the Turkish lira.

What Happened: Bitcoin in JPY (BTC/JPY) is currently trading at 7.81 million yen ($51,867.50), surpassing its previous all-time high of 7.79 million yen set in November 2021.

The Japanese yen has decreased almost 50% against the dollar since Bitcoin's last all-time high.

The last Bitcoin all-time high in Japanese yen coincided with Bitcoin's dollar peak at around $68,940.

The crypto king has been hitting new all-time highs in two other currencies almost on a weekly basis.

The Argentine peso has been consistently depreciating against Bitcoin:

So has the Turkish lira: 

 

Both countries suffer from exorbitant yearly inflation rates, 211.4% in December 2023 in Argentina and 64.7% in Turkey, according to Tradingeconomics data.

Also Read: Peter Thiel's Founders Fund Bets Big On Bitcoin And Ether With $200M Investment: Report

What’s Next: Bitcoin is poised to set new all-time highs in other major and minor currencies as well:

  • 11% off its all-time high in Russian ruble (RUB) 
  • 18% in Korean won (KRW)
  • 20% in Australian dollar (AUD)
  • 25% in British pound (GBP) and euro (EUR)

The elusive U.S. dollar peak is roughly 33% away. The difference in currencies can be attributed to their depreciation against the greenback and will likely be seen as a testament to Bitcoin's "hard money" qualities by supporters.

On Tuesday, the world's biggest cryptocurrency traded around $52,000

Read Next: '34 Trillion Reasons To Believe In BTC:' Galaxy Digital CEO Mike Novogratz Touts Bitcoin Amid US Debt Spike

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarketsargentinaeuroJapanese YenStories That MatterTurkeyUS Dollaryen
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!