A crypto analyst has revealed data depicting the Bitcoin price reaching new highs in several countries experiencing high inflationary pressures.
Bitcoin Skyrockets In Countries With Inflationary Currencies
Deutscher shared the price charts in an X (formerly Twitter) post displaying 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 was equivalent to 12,172,353.50 ARS in Argentina. In Turkey, one Bitcoin was worth 979,017.26 TRY, and in Nigeria, Bitcoin was trading at 28,443,229.20 NGN.
Presently, the currencies of these countries have been experiencing high inflationary pressures, causing the devaluation of their respective fiat currencies. Data from the International Monetary Fund (IMF) have revealed rankings of these countries’ annual percentage change in inflation rates and end-of-period consumer 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 been readily adopting cryptocurrencies despite the steady devaluation of their currency.
Bitcoin Price Continues To Gain Dominance
Between October 23 and 24, Bitcoin has been experiencing price spikes and slight drops following rumors of a Spot Bitcoin ETF approval and the listing of BlackRock’s iShares Bitcoin ETF on Depository Trust and Clearing Corporation (DTCC).
The cryptocurrency has raised the hopes of many investors who are looking forward to a potential long-term bull run. The potential acceptance of Bitcoin ETFs and the upcoming Bitcoin halving event in 2024 are contributing to the widespread optimism surrounding the flagship cryptocurrency.
During this time, the leading cryptocurrency has seen its dominance over the crypto market continue to grow. Data from TradingView shows that Bitcoin started out the month of October with a 49.78% dominance. However, this figure rose as high as 54.47% in the same month before correcting back down to its current 54.04% level at the time of this writing.
The Bitcoin price is currently sitting at $34,156, depicting a 1.59% loss in the last 24 hours. Nevertheless, Bitcoin is still enjoying 16.62% gains on the weekly chart.
Bitcoin Price maintains bullish momentum | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com