After climbing to a price of more than $41,000 on Monday, Bitcoin’s market capitalization has surpassed that of the Russian ruble.
According to data from CoinMarketCap, the market cap of Bitcoin (BTC) surged to roughly $780 billion on Monday amid the price rising to $41,391, a 5.7% increase over the last 24 hours. BTC’s market capitalization exceeds the money supply of the Russian ruble, which according to the Central Bank of Russia, was 65.3 trillion rubles as of Feb. 1 — roughly $629 billion at the time of publication.
The flippening likely occurred as the Russian ruble is undergoing inflation amid sanctions imposed by the United States and its allies in response to the country’s invasion of Ukraine. Reuters reported the central bank raised its key interest rate from 9.5% to 20% on Monday, and the European Commission has announced plans to remove Russian banks from the SWIFT payments system.