Bitcoin’s Market Capitalization is Now Bigger than that of the Russian Ruble

Bitcoin now has a higher market capitalization than the Russian currency, Ruble. The geopolitical events taking place in Europe have triggered major digital crypto price recovery while causing the Ruble to crash. The Ruble crashed to lows that have never been seen in the last 30 years. The decentralized nature of cryptocurrencies helped the crypto market make a significant recovery while the U.S. and EU implemented sanctions on Russia and businesses related to the country and its administration. 

Bitcoin’s price rose by almost 15% within 24 hours. It was not just the Ruble, but the original cryptocurrency also rose above the Mexican Peso and Thai Baht in terms of market cap.

Bitcoin’s Recovery After Months

The surge in the crypto market has helped Bitcoin (BTC) rise to become one of the top 15 most valuable currencies in the world. It has even surpassed the market cap of the currencies of Sweden, Israel, and Saudi Arabia. If BTC records a rise of 52% in price, it could overcome the Swiss Franc in terms of market cap.

There are many other interesting points about Bitcoin’s current recovery:

  • BTC has a large market cap than that of all the palladium in the world
  • It is the 9th most valuable asset on the planet, as it has outperformed assets including Meta, JP Morgan Chase, Berkshire Hathaway, Mastercard, and Visa. 
  • Bitcoin is also larger than the largest ETF in the world, the SPDR S&P 500 ETF Trust.
  • Tesla is still larger than Bitcoin. Interestingly, Elon Musk’s company has the largest BTC investments.
  • The entire crypto market is ranked number 5 in terms of market cap, with a worth of $1.9 trillion.
  • Gold is at the top of the list with a capitalization of $12.1 trillion.

Impact of Russia-Ukraine Conflict on Bitcoin

Most countries and the crypto community have taken sides at a more general level, with apparently most of them favoring Ukraine. There has been an overall positive sentiment working in the favor of digital currencies. The sanctions on Russia and many entities related to its administration have further fueled Bitcoin and other crypto’s recovery.

The Ukraine government has capitalized on this sentiment and officially revealed a crypto address to receive donations to support the nation’s population against Russian aggression. Over $25 million worth of crypto has already been received by the government and a supporting non-profit organization.

However, it is not just Ukraine that is expected to benefit from the ecosystem that cryptocurrency provides. As the West lays an increasing amount of financial and business sanctions on Russia, the latter is also expected to overcome at least some of the impact of those sanctions with the help of Bitcoin and other cryptocurrencies. While the Ukrainian government has made some calls for censoring Russian user wallets, this is not expected to affect any efforts from the other side.

Bitcoin and other major cryptos are neutral and independent. BTC trading has also shown a major surge among Russians hedging against the rapidly devaluing Ruble.

Crypto Market’s Recovery

At one point, Bitcoin’s price crossed $44,000 and the entire crypto market cap reached over $2 trillion. BTC’s current market cap stands at $835 billion and Ruble is valued at $626 billion. The last time the crypto market touched $2 trillion, was in August last year.

It was not just Bitcoin’s price and market cap. Its trading volume on major Bitcoin Trading Platform also reached new levels. The trading volumes were higher than in December when the prices began crashing.

Ether, the second-largest digital token in terms of market cap, recorded a 12% price rise last week. The Terra LUNAexperienced one of the biggest growths in the market, climbing by over 70% during the week. It is currently priced at over $92.

There have been many similar astonishing recoveries on this market during the recent geopolitical events. SOL, Solana’s digital token, and other Tier 1 coins including AVAX and DOT also made some noteworthy recovery. 

When the news of the Russian invasion of Ukraine broke out, the crypto market’s value fell almost 10%. This resulted in it losing almost $200 billion worth of its value.Ethereum, Avalanche, Cardano, Polkadot, Shiba Inu, and Dogecoin were the most affected cryptos. While initially, the price recovery was expected to be short-lived due to the war, it has sustained itself after a series of economic decisions were made by the U.S. and EU.

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Bizu Yaregal

Feelance journalist and contributor, see my work also at grmdaily


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