In the continued rise of the cryptocurrency market, Bitcoin (BTC) has reached another milestone, a record high against the Russian national currency, the ruble.
According to data from the major cryptocurrency tracking website CoinGecko, Bitcoin has hit a record high against the ruble, exceeding its previous ATH by approximately 1,157,000 rubles. According to CoinGecko’s data, as of 16:00 UTC, the value of Bitcoin exceeds 1,160,000.
The new Bitcoin ATH coincides with a surge in the cryptocurrency market. Bitcoin today surpassed $14,700 for the first time since early January 2018. According to CoinGecko, as Bitcoin now exceeds $15,000, the rally continues to receive attention.
With the depreciation of the ruble against the US dollar, the new ATH is not only based on massive Bitcoin gains. The previous ATH value of Bitcoin against the ruble was recorded in 2017, when Bitcoin reached an all-time high of $20,000. At that time, the U.S. dollar was worth about 59 rubles. After the sharp drop in the ruble exchange rate during the US presidential election, one dollar is now worth about 77 rubles.
In the context of ongoing cryptocurrency rallies and rising inflation, the Russian ruble is not the only legal tender to reach new Bitcoin highs. According to entrepreneur and market commentator Alistair Milne, the price of Bitcoin in October 2020 reached a record high in seven currencies including Brazil, Turkey and Argentina. On October 22, Milne predicted that Bitcoin will soon launch a new ATH in the local currencies of Russia and Colombia.