Bitcoin breaks ATH in dozens of currencies as BTC price breaches $59k.
Bitcoin price breached $59,000 on February 28, hitting a new two-year high of $59,485 and down 13% from its all-time high (ATH) of $68,789. As the BTC price nears its all-time high against the US dollar, it has already broken ATH records against several fiat currencies.
Over the past few days, Bitcoin (BTC) has traded against the Japanese Yen, Malaysian Ringgit, Indian Rupee, New Taiwan Dollar, South Korean Won, Chilean Peso, Australian Dollar, Chinese Yuan, South African Rand, Norwegian Krone, and Turkish Lira.
#Bitcoin just hit ATH in South Korea pic.twitter.com/0gTFi1sawN
— Vivek⚡️ (@Vivek4real_) February 28, 2024
The new BTC ATH is causing their market values to decline due to the rising inflation of these currencies. With inflation, the purchasing power of a currency decreases over time.
According to some market analysts, Bitcoin has entered price discovery mode after breaching the critical resistance of $57,000. With Bitcoin halving in 49 days, as seen historically, Bitcoin's high momentum may help it rise to new highs after a halving.
Reverse this resistance and #Bitcoin will go into price discovery pic.twitter.com/1oktxNWPlQ
— Tony “The Bull” (@tonythebullBTC) February 27, 2024
Bitcoin price has increased by at least 270% after each halving event. Before the 2012 halving, the price of bitcoin was $12, rising to $964 a year later. Similarly, before the 2016 halving, BTC's price was $663, rising to $2,500 a year later. Again, in 2020, the price of Bitcoin was $8,500 before the decline, and just one year later, it rose to $68,783.
Every bull cycle has a driving reason behind it. In the year In 2017, the retail sector carried the price of BTC to $17,000, while institutional inflows helped push it to $69,000 by 2021. Bitcoin exchange-traded funds (ETF) in the United States.
Spot Bitcoin ETFs have seen average daily inflows of nearly half a billion dollars, with new BTC being added to the market meeting only one-tenth of the current demand for Bitcoin ETFs. Analysts believe that significant institutional demand and limited supply – further reduced in the coming half – will be a post-half boost to BTC prices.
At the time of writing, Bitcoin is trading at $59,400, up 5% in the last 24 hours.
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