On December 16, 2017 a Bitcoin sold at Rs. 14.44 lakhs (1.45 Million) on Unocoin, India’s oldest exchange. As of this writing Bitcoin is trading at Rs. 14.52 lakhs on several exchanges.
Bitcoin, the first cryptocurrency’s prices skyrocketed in 2017 when the asset went from merely $1000 at the beginning of the year to $19700 by the end of it. Bitcoin prices never touched this level again, but may soon reach the same price.
How did Bitcoin reach ATH in India then?
The Dollar to INR conversion rate at the time of previous ATH was roughly 65 INR to each USD. Adding a bit of premium to it, India’s Crypto market saw Bitcoin hit Rs. 14.25 lakhs on all exchanges and much more on a couple of them.
I found a few screenshots from the time which I posted earlier on Twitter. Unfortunately most of the exchanges of the time either shut down like Koinex, coindelta, and the ones still operational do not have the historic data in such detail.
Today, Bitcoin’s price is only a few hundred dollars shy from its highest USD price in history, but in India given the same USD to INR conversion rate, BTC has already surpassed the ATH in the market.
The image below shows the last traded price of Bitcoin as of writing this article. The latest prices can be queried from this telegram bot. Bitcoin is trading above 14.5 lakhs on almost all exchanges. Some even very close to hitting 15 lakhs. Every user who bought Bitcoin in India is now in profit, that is if they held on. The bear market was brutal.
This bear market of roughly three years may end soon though even internationally, analysts predict. Bitcoin has been growing rapidly since the havening in May 2020, when daily production of new Bitcoins went from 1800 to 900 bitcoins a day as rewards per block went from 12.5 BTC to 6.25 BTC.
If Bitcoin hits the ATH today, it will be 1074 days and a correction of 84% ending today.
Will Bitcoin touch the ATH? Let us know what you think in the comments below!