Bitcoin has come to play in the major leagues of the global financial system, and is also strongly present in recent geopolitical events.
The largest cryptocurrency managed to position itself above the Russian ruble in the global ranking of currencies with the largest market value, after the resounding collapse of the Russian ruble to its lowest levels, which it has not witnessed in the past thirty years.
The simultaneous recovery of nearly 15% in the bitcoin price in the past 24 hours has led to a surge and outperform both the Mexican peso and the Thai baht in terms of total market capitalization.
Bitcoin is slowly climbing the financial ladder:
With the recent rise in value, bitcoin entered the list of the top 15 most valuable currencies, surpassing many international currencies such as Saudi Arabia and Sweden.
The next contender to win is the Swiss Franc, with an approximate total market capitalization of 29,021,260 BTC.
Given that the current bitcoin in circulation is around 18,971,300 bitcoins at the time of writing this article.
If Bitcoin is compared to the market cap of the world’s largest companies and commodities, the cryptocurrency has already surpassed the entire market cap of all metals.”Palladium” In the world.
Bitcoin is currently the ninth most valuable asset in the world, outperforming Meta, Berkshire Hathaway, Visa, MasterCard, JP Morgan Chase and the world’s largest ETF: the SPDR S&P 500 ETF Trust.
Above Bitcoin lies electric car maker Tesla, which has large sums of money invested in Bitcoin, then silver as a commodity, which to beat Bitcoin’s market cap should increase $1.3 trillion.
Currently, the entire crypto market ranks fifth on the list with a combined value of $1.9 trillion.
Gold is the undisputed king with a total market value of $12.1 trillion.
How does the war between Russia and Ukraine affect Bitcoin?
Certainly, the recent geopolitical events had a prominent and influential role in the movement of the price of bitcoin, and even bitcoin became one of the solutions that both sides resort to to avoid censorship and imposed sanctions.
Recently the Ukrainian government revealed a Bitcoin address to receive donations instantly and without any risk of potential censorship.
According to estimates, Ukraine received $20 million in cryptocurrency funds to finance the war.
But just as Ukraine has benefited, there is also the possibility that Russia will, and the Ukrainian government itself has advocated censorship of Russian users’ wallets as a measure of pressure.
But bitcoin remains neutral, and bitcoin trading has surged among Russians to hedge against a drop in the value of their currency.
The liquidation of more than 300 million dollars, coinciding with the rise in the price of Bitcoin to levels of 43 thousand dollars
Bitcoin Trading Volumes in Russia Reaches Highest Level Since May 2021