In the wake of Bitcoin’s recent surge beyond $60,000, its market value has exceeded that of Russia’s Ruble, solidifying its position as the 15th most valuable currency globally.
Bitcoin’s Market Dominance
The current supply of BTC stands at 19.64105 million, translating to a market value slightly above $1.210 trillion. In comparison, all circulating Russian Rubles are equivalent to 17.545366 million BTC tokens, amounting to $1.075 trillion.
Bitcoin’s price recently consolidated around the mid-$61,000s, experiencing a surge of nearly 20% in a single week, driven by escalating demand for Exchange-Traded Funds (ETFs).
Growing Demand and Market Predictions
Trading volumes for spot Bitcoin ETFs peaked at over $7.5 billion on a recent Wednesday, accompanied by net inflows exceeding 11,000 BTC. This demand surge, predominantly from retail investors and financial institutions, anticipates an acceleration as major wirehouses prepare to offer Bitcoin ETF access.
As Matt Hougan, Chief Investment Officer at Bitwise, pointed out in a CNBC interview, the impending Bitcoin halving in April is likely to reduce long-term sell pressure, paving the way for Bitcoin’s market value to continue its upward trajectory.
Bloomberg’s report concerning Wells Fargo, Bank of America, and Morgan Stanley joining the Bitcoin ETF market further underscores the growing mainstream acceptance of cryptocurrencies.
With bullish price predictions anticipating Bitcoin’s market value breaching $100,000, the possibility of it entering the top 10 most valuable currencies looms on the horizon. To surpass Brazil’s Real and achieve a market value of $2.2 trillion, Bitcoin would need to reach approximately $110,000.
