Bitcoin, the digital currency, has reached unprecedented levels in several countries across Asia and South America, following a remarkable 7% surge on May 21, 2024. This surge has brought the cryptocurrency closer to its all-time high in the United States dollar.

The asset's intraday and six-week high of $71,650 on May 21 was accompanied by a gain of more than 7% over the past 24 hours. Bitcoin has returned to within 3.4% of its March 14 all-time high in USD terms of $73,738, according to CoinGecko.

Japan Sees Bitcoin Reach New Peaks

In Japan, BTC hit an all-time high of 11.2 million yen in early trading on May 21, marking the first time the asset has been worth more than 11 million JPY. The local currency has weakened against the U.S. dollar in recent months, losing 10% against the greenback since the beginning of the year.

Argentina and the Philippines Follow Suit

Bitcoin prices are also at a peak in Argentina, with the asset tapping 63.8 million Argentine pesos (ARS) on May 21, slightly higher than peaks made in mid-March. The South American nation has been battling inflation, currently at a whopping 290%, and currency devaluation over the past couple of years.

Similarly, one Bitcoin was briefly worth a record 4.18 million pesos (PHP) in the Philippines on May 21, beating mid-March highs.

Global Impact and Analyst Predictions

Other nations where BTC prices have equaled or come very close to their mid-March peak prices include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.

Hours earlier, crypto analyst Willy Woo observed that a month's worth of Bitcoin short position buildup was just liquidated, suggesting that "one more layer to go in order to short-squeeze past all-time highs."

In a market update earlier this week, 10x Research's head of research, Markus Thielen, predicted that a "breakthrough above $67,500 could potentially lead to new all-time highs." With Bitcoin currently trading at $70,945, the cryptocurrency is just $2,500 shy of a new all-time high in U.S. dollars.