Bitcoin hits an all-time high against the Russian ruble

Amid the ongoing rally in the cryptocurrency market Bitcoin (BTC) secured another milestone by hitting a new all-time high against the Russian national currency, the ruble.

According to the major cryptocurrency tracking website CoinGecko, Bitcoin hit another all-time high against the rubleand crossed its previous ATH of around 1,157,000 rubles. According to CoinGecko Bitcoin was worth over 1,160,000 at 16:00 UTC.

Price chart of the BTC / RUB pair. Source: CoinGecko

Bitcoin’s new ATH is in the midst of a major rally in the cryptocurrency market. Bitcoin hit $ 14,700 today for the first time since early January 2018. The rally continues to gain momentum, as Bitcoin is now over $ 15,000according to CoinGecko data.

Bitcoin hits an all-time high against the Russian ruble
Bitcoin hits an all-time high against the Russian ruble

Since the ruble has weakened against the dollar, The new ATH is not just based on the massive growth of Bitcoin. The previous ATH of Bitcoin price against the ruble was recorded in 2017 when Bitcoin hit its record high of $ 20,000. At this moment The US dollar cost about 59 rubles. After a sharp drop in the ruble in the US presidential election One dollar is now worth around 77 rubles.

The Russian ruble isn’t the only fiat currency facing new all-time highs for Bitcoin amid the ongoing rally and rising inflation. According to the businessman and market commentator Alistair Milne, Bitcoin price hit a new record in October 2020 in seven national currencies such as Brazil, Turkey and Argentina. On October 22nd, Milne predicted that Bitcoin will soon hit a new ATH in local Russian and Colombian currencies.

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