Russia’s invasion of Ukraine pushed bitcoin into the first league of the world financial system. The largest cryptocurrency on the market managed to rank above the Russian ruble in the global ranking of currencies with the largest capitalization. The Russian ruble dropped to its lowest level in about 30 years.
Due to this rise, Bitcoin has climbed into the top fifteen most valuable currencies. It also surpassed countries such as Saudi Arabia, Israel, and Sweden.
Bitcoin Market
With a market valuation of 29,021,260 BTC, the Swiss franc is the next competitor to be defeated. Given that there are around 18,971,018 tokens in circulation as of this writing, bitcoin would need to grow its value by 52 percent to celebrate reaching a new level on the worldwide ladder.
When we look at the market capitalization of the world’s biggest companies and commodities, we can see that bitcoin has already surpassed the market value of the vast majority of them. BTC has surpassed Meta, Berkshire Hathaway, Visa, Mastercard, JP Morgan Chase, and the world’s largest ETF, the SPDR S&P 500 ETF Trust, to become the ninth most valuable asset globally.
Tesla, the electric vehicle maker, has a market capitalization of $1.5 billion, which puts it ahead of Bitcoin. Silver comes in second, with about $1.3 trillion in market capitalization. For those who are curious, the entire cryptocurrency market presently sits in the fifth spot in this ranking. Gold remains the undisputed king, with over 12.1 trillion dollars in market valuation.
The dollar exchange rate increased to more than 108 rubles on Monday after the markets opened. Just a week ago, the currency was trading at roughly 83 rubles.
Read Also: Coinbase has refused to block all Russian users from its platform
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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