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Bitcoin Surpasses Russia’s Ruble in Market Value
In the wake of Bitcoin’s recent surge above $60,000, it has surpassed the market value of Russia’s Ruble, solidifying its position as the 15th most valuable currency globally.
Bitcoin’s Market Value and Supply
- Bitcoin’s supply on Thursday was 19.64105 million, placing its market value at over $1.210 trillion.
- By comparison, all circulating Russian Rubles amount to 17.545366 million BTC tokens, equivalent to $1.075 trillion.
Spot Bitcoin ETF Demand
The price of Bitcoin has been consolidating in the mid-$61,000s, driven by a 20% rally this week due to increasing ETF demand.
- Spot Bitcoin ETF trading volumes exceeded $7.5 billion recently.
- Net inflows into spot Bitcoin ETFs reached over 11,000 BTC, significantly overshadowing new supply created by miners.
Anticipated Acceleration in ETF Demand
With a surge in Bitcoin demand from spot ETF investors ahead of the upcoming Bitcoin halving in April, market value is expected to continue rising.
Market Value Growth and Institutional Interest
Institutional interest in spot Bitcoin ETFs is on the rise, with major players like Wells Fargo, Bank of America, and Morgan Stanley entering the market.
- Brokers predict an impending surge in demand as major wirehouses offer access to spot Bitcoin ETFs.
Bitcoin’s Path to Top 10 Currencies
If Bitcoin’s market value exceeds $100,000, it could potentially enter the top 10 most valuable currencies, nearing Brazil’s Real at $2.175 trillion.
Disclaimer
Cryptocurrency is a high-risk asset class. The information provided here is for educational purposes only and should not be considered investment advice. Capital loss is possible.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
