Bitcoin’s Circulating Supply Exceeds Russia’s Ruble

Bitcoin’s total circulating supply has passed the total value of the Ruble in circulation. Per a report from CoinMarketCap, BTC in circulation stood at 18,972,618 coins while Russian Ruble stood at 14,747,757.93 BTC on Wednesday. The premiere crypto is also rebounding against the USD, hitting a value of $43.6K at the time of writing.

BTC Flips the Ruble and Rebounds Against the Dollar

Currently, Bitcoin has surpassed the Russian Ruble in terms of circulating supply. The crypto has been rebounding parallel to the crypto market, while the Ruble has been declining amid the Russian invasion of Ukraine. As the Moscow Stock Exchange remains closed and banks suffer from stiff sanctions from the West, the Ruble is on a steep decline. It has been losing value steadily as most banks and top billionaires have been cut off from international finance. Within a week, the Ruble worth about $0.012 has dumped by about 24% to around $0.0091. Comparatively, Bitcoin’s market capitalization has risen steadily and is now 40% higher than the Ruble’s circulating supply.

Bitcoin Dominates Against the Ruble

Per data provided by the Bank of Russia, the Ruble was trading at a rate of 88 coins per USD in January 2022. Its value has fallen steadily in February till traders could only exchange over 100 Rubles for a USD on Mar. 1, 2022. This decline in value is sharp compared to BTC, which started at $38K in February and is now trading at around $43K. The change is notable as Ruble’s supply was equivalent to $783B a week before the war began, 8% higher than BTC, which had $727B. The Ruble has lost value by over 24% within days, while BTC has increased value by about 25%. Now, the critical movement of the two currencies has resulted in BTC hitting ATH in price in Rubles. Correspondingly, BTC prices in Ruble skyrocketed to RUB 4,888,185, an increase of around 50% from the values recorded on a ‘stable market’ (before the invasion). The premiere crypto is shining again and is attracting the attention of many, considering that it is an alternative to fiat currencies. Comparatively, the Ruble is also behind Dogecoin, commonly known as ‘the meme coin,’ the most dominant meme coin.

No End in Sight for Ruble’s Struggle Against Bitcoin

BTC is gaining big amid the ongoing geopolitical turmoil in Europe. It rebounds against the dollar and has already made its mark against the Ruble. The Ruble is currently trading at the lowest level in the past 30 years following sanctions and the freezing of the Central Bank’s assets. Bitcoin has entered the list of the top 15 most valuable currencies surpassing even the Ruble, which holds position 17. There is still no end in sight for the Ruble’s decline as Russians continue converting their holdings to crypto to mitigate the volatility of their legal tender. As long as the sanctions hold, the Ruble will continue trailing behind BTC as many Russians are ditching it in favor of the crypto. Now bitcoin is proving itself a king in hedging against hyperinflation in Russia. Follow Us on Google News