Popular cryptocurrency Bitcoin (BTC) has flipped the Russian Ruble in terms of market capitalization, amid the ongoing war between Russia and Ukraine.
According to Coinmarketcap data comparing Bitcoin against large fiat currencies, the asset class moved two steps upwards in the latest ranking to usurp the Rubble and Thai Baht.
The market capitalization, which is stated in BTC saw the largest cryptocurrency have a massive 18,990,072 Bitcoin ($779.66 billion) while the Russian Ruble has a market cap of 16,462,964 BTC ($675.90 billion).
Per the latest ranking, Bitcoin is in the 14th spot of the world’s largest currency, directly below Swiss Franc.
This comes as several countries, including the United States, prepare a number of sanctions against Russia, as the country led by President Vladimir Putin continues its invasion of Ukraine.
Bitcoin, which suffered huge losses in the early hours of president Putin’s declaration of an invasion on Ukraine, is up by 5%, breaching the $40,000 resistance.
At the time of writing this line, the cryptocurrency is up 5% in the last 24 hours, as it currently trades around $41,000 across several exchanges.
The cryptocurrency has been called into action throughout the war, with several cryptocurrency enthusiasts sending BTC donations to Ukrainian NGOs in a bid to support the country.
As of today, over $10 million in BTC has been raised, with other cryptocurrency proponents, including Binance CZ indicating interest to increase the funds in the coming days.
Today Analysts at asset management company Grayscale Investments reviewed the factors affecting prices and presented their opinion. The specialists noted that risky assets like Bitcoin historically bottomed just before the outbreak of Wars, so there is a high chance of seeing a new rally.