Following its continued surge this week, Bitcoin has surpassed the Russian ruble to become the 14th largest currency in the world by market cap. Indeed, data from CoinMarketCap has the digital asset catapult into the top 15 among some of the largest currencies on the planet.
Bitcoin has enjoyed a massive surge this week amid massive Spot ETF inflows. Subsequently, that continued ascension has allowed it to transcend the cryptocurrency market. The asset has now become a competitor to a plethora of global currencies.
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Bitcoin Passes Russian Rubel as 14th Largest Currency in the World
Bitcoin has long been the most dominant digital asset within the market. Although that has never truly been disputed, the industry had high hopes for its performance entering 2024. Now, just two months into that year, it has seemingly made good on those expectations.
The presence of dominant Spot Bitcoin ETFs has ensured its return to the $62,000 level this week. Not having reached those heights since 2021, the asset is seemingly on its way to its previous all-time high of $68,990. Subsequently, its performance has allowed BTC to transcend its market, and compete with some of the globe’s most prevalent assets.
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Specifically, data shows that Bitcoin has surpassed the Russian ruble as the 14th largest currency in the world by market cap. Indeed, BTC’s recent surge has placed it ahead of global currencies like the Mexican Peso, Saudi royal, Thai Baht, and United Arab Emirates dirham.
According to the aforementioned CoinMarketCap chart, Bitcoin is behind the Swiss Franc, Australian dollar, New Taiwan Dollar, and Brazilian real. Conversely, how BTC continues to climb the list will be interesting. With the highly-anticipated Bitcoin halving event slated for April, it should greatly increase the overall value of Bitcoin. Subsequently, propelling its price even higher.
