Bitcoin’s market capitalization now exceeds that of the Russian ruble after climbing to $41,000 Monday.
According to CoinMarketCap data, the market capitalization of Bitcoin ( Bitcoin) jumped to approximately $780 billion on Monday. This was despite the price increasing to $41,391, which is a 5.7% rise over the past 24 hours. BTC’s market cap exceeds that of the Russian ruble. According to the Central Bank of Russia was 65.3 billion rubles as of February 1 — approximately $629 billion at time of publication.
As the Russian ruble faces inflation due to sanctions imposed by the United States of America and its allies as a result of the invasion of Ukraine, the flippening is likely to have occurred. Reuters reported that the central bank raised its key rate from 9.5%- 20% Monday and that the European Commission has announced plans to eliminate Russian banksfrom the SWIFT payments network.
Many residents of Russia and Ukraine, however, seem to have driven increased trading activity on exchanges. This could be due to concerns about their fiat currencies and the use of crypto to solicit donations to pro-Ukraine causes. Cointelegraph reported that the Ukrainian-based crypto exchange Kuna had approximately $4.4 million in total trading volume for all tokens during the 24 hour period. This was the same day Russian forces launched an attack.
Related: Bitcoin Flippens Tesla and Facebook — Will Amazon Be Next?
After news that $1.5 billion had been purchased by Tesla, the cryptocurrency asset’s price soared to $48,200 in a year. The market cap of Bitcoin grew to $871 billion more than the Russian ruble which was then approximately $791 billion.