Bitcoin Nears BTC/AUD All-Time High Amid Market Surge

By Ben Knight February 28, 2024 In Australia, Bitcoin, Cryptocurrency
Bitcoin’s price is up. Image: Shutterstock
  • Bitcoin has pushed past AUD $87K, fast approaching its previous ATH in the national currency.
  • BTC is still approximately 20% away from its USD ATH, as anticipation of the next halving event grows.
  • South Africa, Japan and Turkey are among several countries that have posted their own local BTC all-time highs.
  • The reason for the discrepancy is due to the relative strength of the USD, which has performed well during the inflation crisis post-Covid.

When will it stop? Bitcoin has been on a rampage this past week, smashing multiple milestones and nearing its all-time high in many currencies – and in some instances, surpassing it. The crypto market has exceeded expectations since the back-end of 2023, but things have shifted into the next gear thanks to the SEC’s approval of spot Bitcoin ETFs and the upcoming Bitcoin halving. It’s been a long, icy crypto winter – but with bears around the world ending hibernation, bull season may finally be upon us. 

Strength of USD Pushes BTC Pairings to New Heights

It’s a fun game to go to a chart of Bitcoin and observe the gains over specific timeframes.

  • 1 day – 4%
  • 1 week – 9%
  • 1 month – 35%
  • 1 year – 143%
Bitcoin (BTC), 1-year graph, source: CoinMarketCap

And while Bitcoin is still about 20% away from reaching its all-time high relative to USD – which, let’s be real, is the most important price metric for the market – it is edging much closer around the world.

The key reason for this has been the USD’s extreme strength as the global reserve currency amid tight economic conditions. Just take a look at the USD/AUD chart since 2021’s bull run (and Bitcoin’s last all-time high). At the time, $1 USD was worth about $1.30 AUD. Today, $1 USD can net you $1.53 AUD.


Bitcoin’s all-time high in AUD was recorded on November 10, 2021 at AUD $93.4K. In today’s terms, this is equivalent to USD $61K – much lower than Bitcoin’s actual ATH in USD, ~$68.7K. But thanks to the USD’s performance, Aussies can start dreaming of a new record as the price of BTC surged past AUD $87K.

Over in South Africa, the milestone has already been breached. Bitcoin is trading at over ZAR $1M, edging out its previous ATH by around 8%.

BTC/ZAR, all-time graph, source: CoinMarketCap

South Africa isn’t the only country to experience this record-breaking moment. Several other nations with relatively weak fiat currencies – Argentina, Egypt, Japan, Nigeria and Turkey – are just some examples of BTC/fiat all-time highs.

Bitcoin beating its previous USD all-time high is the signal everyone’s waiting for to truly announce a new bull market. But for now, we can revel in the incredible momentum and resilience the coin has displayed over the past 18 months.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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