Bitcoin is now more valuable than Russian Ruble in terms of market capitalization

Bitcoin has overtaken the Russian Ruble after a set of geopolitical events marked by big price recovery and a major crash of the Russian fiat currency. 

Bitcoin is now more valuable than Russian Ruble in terms of market capitalization

Bitcoin has overtaken the Russian Ruble after a set of geopolitical events marked by big price recovery and a major crash of the Russian fiat currency. The most important cryptocurrency in the market managed to position itself above the Russian Ruble in the global ranking of currencies with the largest capitalization, after a resounding crash of the Russian Ruble to lows not seen in the last 30 years. 

Source:Tradingview

Simultaneous recovery of almost 15% in Bitcoin's price over the last 24 hours subsequently pushed it above the capitalization of the Mexican peso and the Thai baht later on. 

Bitcoin enters the top 15 most valuable currencies, surpassing countries like Saudi Arabia, Israel, and Sweden. 

The next rival to bear is the Swiss franc, with an approx capitalization of 29,021,200 BTC. Considering that the present BTC in circulation is approx 18,971,018 tokens at that time, a 52% rise under ceteris paribus conditions would be required for Bitcoin to celebrate the capture of a new step in the global ladder. 

if Bitcoin is compared in the market cap of the world's largest companies and commodities, the cryptocurrency has already surpassed the entire market capitalization of all the palladium in the world. it is the ninth most valuable asset in the world. Meta, Berkshire, Visa, Mastercard, JP Morgan Chase, and the world's largest ETF the SPDR S&P 500 ETF Trust. 

Bitcoin lies the electric car manufacturer Tesla which incidentally has large amounts of money invested in BTC and then silvers as the commodity to beat with a CAP above $1.3 trillion. 

The entire crypto market would rank #5 on the list with a combined worth of $1.9 trillion. Gold is the undisputed king with $12.1 trillion in CAP. 

The tripping has not gone unnoticed by the cryptocurrency community, who quickly picked up on the news. The crypto community has taken sides speaking and acting in favor of Ukraine, so the overall sentiment was positive, almost like a "take that, Russia" kind vibe. 

The Ukrainian government has divulged a Bitcoin address to receive donations immediately and without any danger of potential censorship. According to estimates, in cryptocurrencies alone, Ukraine has received $20 million in funds to finance the war

There is also the possibility that Russia will, and the Ukrainian government itself has called for censorship of Russian user wallets as a pressure measure. 

Bitcoin is neutral and Bitcoin trading has spiked among Russians hedging against the devaluation of their own currency. 

Read: Bitcoin bounces back to $38k as Biden announces not to intervene Russia-Ukraine conflict