After ascending to a price of $41,000 on Monday, the market capitalization of Bitcoin has gone beyond the Russian ruble. According to data received from CoinMarketCap, the current BTC market cap went to roughly $780 billion on Monday amidst the increase in price to $41,391, which is a 5.7% increase over the last day. The market capitalization of BTC does seem to be exceeding the money supply of the Russian ruble, which had a price valuation of 65.3 trillion rubles on the 1st of February- as reported by the Central Bank of Russia.
Bitcoin Price Increases And The Ruble Decreases
The overturn of Bitcoin occurred precisely due to the Russian ruble undergoing inflation amidst vast sanctions that have been imposed by the United States and several of its allies as a response to the invasion of Ukraine by Russia. Reuters went on to report that the central bank did raise its rate of key interest from 9.5% to 20% on Monday, and the European Commission went ahead and announced plans to remove most of the banks of Russia from SWIFT.
On the other hand, most of the residents of Ukraine and Russia have been pretty driven in their trading activity on exchanges, which concerns the stability of their countries’ fiat currency. The citizens have also started using several cryptocurrencies like Bitcoin as a major means of soliciting donations for pro-Ukraine causes. Cointelegraph went on to report on the 24th of February- exactly the same day the Russian forces invaded the country.
The most recent case of Bitcoin flippening came around a year after the price of BTC surged to an all-time high of $48,200 following the announcement of Tesla purchasing crypto assets worth $1.5 billion. The market case of BTC increased by $871 billion, which surpassed the Russian ruble.