Share this article
Bitcoin Is Hitting All-Time Highs Around the World
The U.S. economy and its dollar has enjoyed relative strength over the past few years.
Updated Mar 9, 2024, 1:44 a.m. Published Feb 29, 2024, 7:49 p.m.
While bitcoin remains shy of its November 2021 all-time high in U.S. dollar terms, it has already breached record highs in local currencies in many markets around the globe.
The U.S. dollar index (DXY) is ahead 10.7% since November 2021, meaning many currencies across the world have lost value. Among the countries where bitcoin has hit new highs in local terms are economic powerhouses like China, Japan, the U.K. and India, as well as developing markets like Argentina, Turkey, and Egypt.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin has passed all-time highs in 30+ countries, including China and India. pic.twitter.com/63CnC9DE0F
— Balaji (@balajis) February 28, 2024
"U.S. growth has remained exceptionally strong compared to Europe, the UK, and Japan, which has supported the [U.S. dollar]," Aurelie Barthere, an analyst in Nansen, wrote in a note to CoinDesk. "However, this is less clear going forward, as we have seen a series of weak consumption and housing data in the U.S. I see the DXY linked to crypto prices through the intermediary of the rates channel."
Japan has been a particularly weak case, with a 24% decline in the yen meaning bitcoin hit a record price in that country well before this week's fireworks that saw bitcoin prices soar.
"Japan’s government has been devaluing the yen, and the flow of liquidity has trickled into bitcoin as their fiat has weakened," March Zheng, Managing partner of Bizantine Capital explained in an interview with CoinDesk.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
