Bitcoin is a major league in the global financial system, with geopolitical events working in its favor.

The most important cryptocurrency on the market managed to position itself above the Russian ruble in the ranking of the world's largest currencies by market capitalization after the Russian ruble plummeted to lows not seen in the last 30 years.

Russian ruble against the US dollar. Image: Trading view

Bitcoin prices rallied nearly 15% in the past 24 hours simultaneously, subsequently pushing it to a market cap that exceeds the Mexican peso and the Thai baht.

BTC is slowly climbing the financial ladder

With this sharp rise, Bitcoin entered the top 15 most valuable currencies, surpassing countries like Saudi Arabia, Israel and Sweden.

The next competitor to beat is the Swiss franc, which has a market cap of about 29,021,260 bitcoins. Considering that the current BTC in circulation at the time of writing is about 18,971,018 tokens, Bitcoin would need to rise 52% (all else being equal) to celebrate a new step on the global ladder.

When comparing Bitcoin to the market capitalization of the world's largest companies and commodities, the cryptocurrency has surpassed the combined market capitalization of all the world's palladiums. It is the ninth most valuable asset in the world, outperforming Meta, Berkshire Hathaway, Visa, Mastercard, JPMorgan Chase and the world's largest ETF: the SPDR S&P 500 ETF Trust.

Above bitcoin is electric car maker Tesla – which, by the way, has a lot of money invested in bitcoin – and then silver as a commodity with a market cap of more than $1.3 trillion.

For those who are curious, the entire cryptocurrency market would currently rank fifth on the list with a total value of $1.9 trillion. Gold is the undisputed king, with a market capitalization of $12.1 trillion.

How the War Between Russia and Ukraine Affects Bitcoin

This transcendence has not gone unnoticed by the cryptocurrency community, which quickly took note of the news. In general, the cryptocurrency community took sides and came out in support of Ukraine, so the overall mood was positive, almost like a "accept that, Russia" atmosphere.

The Ukrainian government has revealed a Bitcoin address that can receive donations immediately and without any risk of potential censorship. It is estimated that in cryptocurrencies alone, Ukraine has received $20 million to fund the war.

But just as Ukraine benefits, Russia is likely to benefit as well, with the Ukrainian government itself calling for a review of Russian user wallets as a pressure measure.

But bitcoin is neutral, and bitcoin trading by Russians hedging against the devaluation of their own currency has risen sharply.

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