Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC surpasses Russian ruble market cap

2 min read

 

The European crisis has led thousands of people to turn to BTC as an alternative currency. As a result, the cryptocurrency has surpassed the market cap of the Russian ruble, becoming the 14th largest currency in the world.

According to the website Fiat Market Cap, there are about 65 trillion Russian rubles in circulation, but their value corresponds to 14,201,403 BTC. The total value of BTC in circulation is 18,972,418 BTC, more than 15% higher.

In addition to the ruble, BTC has also outperformed the Mexican peso and the Thai baht as currencies, and is behind the Swiss franc and Brazilian real. The move followed a resounding fall in the Russian ruble, which topped 30% and hit lows not seen in the last 30 years.

BTC surpasses Russian ruble in market value.

BTC gradually outnumbers coins

After last increase, BTC entered the top 15 of the most valuable coins. The next “rival” to beat is the Swiss franc, whose value is around 29,021,260 BTC.

However, it is worth noting that the maximum BTC supply is 21 million, up from the 29 million equivalent to the Swiss franc. Therefore, the Swiss currency would have to drop by around 48% for BTC to surpass its value.

Taking global commodities into account, BTC has already surpassed the market value of all palladium in the world. Compared to stocks, cryptocurrency ranks 9th among the world’s largest assets, beating companies like Meta, Berkshire Hathaway, Visa and Mastercard.

With the movement of the last few days, the market value of cryptocurrencies has returned to the US$ 2 trillion house. In combined, they would occupy the fifth place. Gold is the absolute leader among assets, with $12.1 trillion in value.

Impacts of the war on BTC

Although this is a symbolic move, the fact that BTC outperforms other cryptocurrencies is always noticed by the community. In this sense, much of the cryptosphere began to speak in favor of Ukraine, including giving donations to Ukrainians.

The Ukrainian government has released a BTC address to receive donations immediately and without any danger of censorship. It was the first country in the world to accept donations in cryptocurrencies.

Therefore, the overall sentiment of BTC outperforming the ruble was positive, almost in revenge against Russia. But just as Ukraine has benefited, there is also the possibility that Russia will; and in fact, several Russian citizens used BTC to protect themselves against the ruble devaluation.

In this sense, the Ukrainian government itself called for the censorship of Russian user wallets as a pressure measure. However, BTC is politically neutral, and most exchanges have decided not to fulfill Ukrainian orders.

TOP cryptocurrencies for staking with passive reward up to 80%

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.