After a series of geopolitical events that included a significant price rebound and a big decline in the Russian fiat currency, Bitcoin has surpassed the Russian Ruble. A simultaneous rebound of about 15% in Bitcoin’s price during the previous 24 hours later brought it above the capitulation of the Mexican peso and the Thai baht. The value of Bitcoin has risen so much that it has now overtaken the currencies of Saudi Arabia and Israel to be one of the top 15.
When the market valuation of the world’s top firms and commodities is compared to Bitcoin, the cryptocurrency has already exceeded the total market value of all palladium in the world. It is the world’s ninth most valuable asset, exceeding Meta, Berkshire Hathaway, Visa, Mastercard, JP Morgan Chase, and the SPDR S&P 500 ETF Trust.
Tesla, which makes electric cars, is above Bitcoin. Silver, which has a value of more than $1.3 trillion, is the commodity to beat with a value of more than $1 billion. As of right now, the entire crypto market would be number five on the list, worth $1.9 trillion. Gold is the undisputed king, with a value of $12.1 trillion in capital. The cryptocurrency community didn’t miss the news about the switch. They quickly learned about it, and they were excited about it, too.