Bitcoin hits all-time high against Russian ruble

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Amid the ongoing rally in cryptocurrency markets, Bitcoin (BTC) has secured another milestone by hitting a new all-time high against Russia’s national currency, the ruble.

According to data from major crypto tracking website CoinGecko, Bitcoin has broken another historic high against the ruble, crossing its previous ATH of around 1,157,000 rubles. According to the CoinGecko, Bitcoin was worth over 1,160,000 as of 16:00 UTC .

BTC/RUB price chart. Source: CoinGecko

Bitcoin’s new ATH comes amid a major rally in the crypto market, with Bitcoin crossing $14,700 for the first time since early January 2018 earlier today. The rally continues to gain momentum as Bitcoin is now passing $15,000, trading at around $14,900 at the time of publishing, according to data from CoinGecko.

As the ruble has weakened against the dollar, the new ATH is not only based on Bitcoin’s massive growth. The previous ATH of Bitcoin’s price against the ruble was recorded back in 2017, when Bitcoin hit its record high of $20,000. At the time, the United States dollar cost about 59 rubles. Following a major decline against the ruble amid the United States presidential elections, one dollar is now worth around 77 rubles.

The Russian ruble is not the only fiat currency facing new Bitcoin all-time highs amid the ongoing crypto rally and rising inflation. According to entrepreneur and market commentator Alistair Milne, Bitcoin price hit a new record high in seven national currencies like Brazil, Turkey, and Argentina in October 2020. On Oct. 22, Milne predicted that Bitcoin will soon hit a new ATH in local currencies of Russia and Colombia.