Chile surpasses its highest bitcoin price after Colombia, Argentina and Brazil.
Bitcoin is still 11% below its all-time high in dollars.
The price of bitcoin continues its rise to historical highs dating from three years ago, although there are countries like Chile where that milestone was already reached this Wednesday, November 18.
During the day, the value of the cryptocurrency surpassed its historical maximum (ATH, for its acronym in English) in the South American country, exceeding 14 million Chilean pesos, according to a Twitter post from the Buddha exchange.
This surge and the breakout of the ATH in Chile coincided with BTC surpassing the $ 18,000 mark for the first time since the famous run in 2017, when the price of BTC flirted with $ 20,000.
The previous history in Chile dates precisely from the end of 2017, when the price of bitcoin approached 14 million pesos. Now, those levels are reached with BTC still 11% per under your ATH in dollars, which shows the depreciation of the Chilean peso in these years.
Bitcoin price broke 14 million pesos in Chile. Source: Buddha.
After bitcoin touched $ 18,000 this Wednesday, it suffered a correction that has it hovering around $ 17,500, at the time of writing this note. Currently the bitcoin price in Chile is below the new ATH, around 13.5 million pesos, according to data from the tabulator for the Latin market of CriptoNoticias.
Despite BTC not yet reaching its ATH in dollars, the bullish sentiment remains. Several analysts consider that this is just the beginning of a run greater than that of 2017 and it will soon be breaking the levels of that time. For now, the rate of increase has been very accelerated, going from 11,800 to more than $ 17,500 in just 30 days, in data from CoinGecko.
Bitcoin ATH in Latin American countries
Although the arrival of the ATH in Chile before it occurs in dollars shows the devaluation of the local currency, it is not the first country in the region in this situation. Apart from the case of Venezuela, whose currency has been depreciating at a very high rate for years and constantly breaking its own highs, other Latin American countries have recently reached their own ATH for the bitcoin price.
Just a week ago, it was Colombia exceeding 56 million Colombian pesos for BTC, as this newspaper reported. Before, Argentina and Brazil had already exceeded their maximum prices in local currencies.
In contrast to the cryptocurrency market in 2017, this year institutional investment and the arrival of large companies to the game has been decisive. Investments such as MicroStrategy, PayPal’s adoption of bitcoin or the appearance of one of the richest entrepreneurs in Mexico are examples of this adoption panorama.