A crypto analyst has revealed data showing that the price of bitcoin hit new highs in several countries experiencing high inflationary pressures.
bitcoin soars in countries with inflationary currencies
According to crypto analyst and DeFi enthusiast Miles Deutscher, the bitcoin price has reached new all-time highs in several countries, including Türkiye, Argentinaand Nigeria.
Deutscher shared price charts in an X (formerly Twitter) mail showing the price of one bitcoin against the currency of the countries mentioned above.
According to the chart, at one point on October 26, a single bitcoin It was equivalent to $12,172,353.50 in Argentina. In Turkey, one bitcoin was worth 979,017.26 TRY, and in Nigeria, bitcoin was trading at 28,443,229.20 NGN.
Currently, the currencies of these countries have been experiencing high inflationary pressures, causing the devaluation of their respective fiat currencies. Data of the International Monetary Fund (IMF) have revealed rankings of the annual percentage change of these countries in inflation end-of-period consumer rates and prices.
In the data shared, Argentina was valued at 136.7%, Turkey at 64% and Nigeria at 30.6%. Other countries like Zimbabwe and Venezuela showed some of the highest annual percentage changes of 396.2% and 250% respectively.
Overall, the price of bitcoin in most of these countries has become a reliable store of value. Many of these countries, including Nigeria and Argentina, have readily adopted cryptocurrencies despite the constant devaluation of their currency.
bitcoin price continues to gain dominance
Between October 23 and 24, bitcoin has been experiencing price spikes and slight declines following rumors about the approval of a Spot bitcoin ETF and the listing of BlackRock’s iShares bitcoin ETF on the Depository Trust and Clearing Corporation (DTCC).
The cryptocurrency has raised the hopes of many investors who are expecting a possible long-term bull run. The potential bitcoin ETF acceptance and the next bitcoin Halving Event in 2024 are contributing to the widespread optimism surrounding the flagship cryptocurrency.
During this time, the leading cryptocurrency has seen his dominance over the crypto market keep growing. Data from TradingView shows that bitcoin started the month of October with a dominance of 49.78%. However, this figure rose to 54.47% in the same month before correcting back to its current level of 54.04% at the time of writing.
The price of bitcoin currently stands at $34,156, representing a loss of 1.59% over the last 24 hours. However, bitcoin continues to enjoy gains of 16.62% on the weekly chart.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Price-Just-Hit-New-All-Time-Highs-in-These-Countries" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″/>
bitcoin Price maintains bullish momentum | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
