Bitcoin’s Market Value Overtakes Russia’s Ruble, Enters World’s Top 15 Currencies

Bitcoin spot Bitcoin ETF

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

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February 29, 2024 15:41 EST

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In wake of its recent surge north of $60,000, Bitcoin’s market value has overtaken that of Russia’s Ruble, cementing its place as the 15th most valuable currency worldwide.

The supply of BTC on Thursday was 19.64105 million, putting Bitcoin’s market value at just over $1.210 trillion.

According to fiatmarketcap.com, the value of all circulating Russian Rubles is equivalent to 17.545366 million BTC tokens, or $1.075 trillion.

The Bitcoin price was last consolidating in the mid-$61,000s, having rallied close to 20% this week on surging ETF demand.

Spot Bitcoin ETF Surging

Spot Bitcoin ETF trading volumes jumped to more than $7.5 billion on Wednesday, as per The Block.

Wednesday also saw net inflows into spot Bitcoin ETFs of more than 11,000 BTC.

That’s more than 10x the increase in BTC supply compared to token issuance to miners.

Oh my goodness

Two days ago $BTC Bitcoin ETFs were buying 9000 Bitcoin a day

Yesterday they bought 11,000

Miners $CLSK $MARA only produced 900

More than 10x demand vs new supply created

Post halving, the miners will only produce 450 a day pic.twitter.com/lvEerHBE5g

— amit (@amitisinvesting) February 29, 2024

Huge demand for BTC from spot ETF investors comes ahead of the Bitcoin halving in April.

This is when the rate at which BTC is issued to miners will drop in half, reducing long-term sell pressure.

Amid a demand surge and ahead of a supply shock, its no wonder that Bitcoin’s market value is surging.

And the demand surge from ETFs could be about to accelerate further.

In a CNBC interview on Thursday, Bitwise CIO Matt Hougan explained that spot Bitcoin ETF demand has so far come mainly from retail investors, hedge funds, and independent financial advisors.

“I think there’s an even bigger wave coming in a few months as the major wirehouses come on,” he predicted.

Wirehouses are major brokerage platforms, such as those offered by major US banks like Goldman Sachs and Bank of America, most of which are yet to offer spot Bitcoin ETF access to their enormous client bases.

But this is already changing, as Hougan predicted.

Bloomberg reported on Thursday that Wells Fargo and Bank of America will begin offering spot Bitcoin ETFs to clients.

And reports emerged in the crypto press on Wednesday that Morgan Stanley was making the same move.

Morgan Stanley Evaluating Spot Bitcoin ETFs for Its Giant Brokerage Platform: Sources

Since spot bitcoin ETFs went live in January, chatter has increased about the imminent arrival of the big registered investment advisor (RIA) networks and broker-dealer platforms.…

— *Walter Bloomberg (@DeItaone) February 28, 2024

With macro economic factors also a headwind for Bitcoin’s market value, with traders betting on rate cuts by mid-2024, its no wonder that Bitcoin price predictions are so bullish right now.

And with BTC surging towards record highs, Bitcoin’s market value could soon make it a top 10 currency.

Bitcoin’s Market Value to Soon Enter the Top 10 Currencies

If Bitcoin’s market value can surpass $100,000 this year or next, it will come close to entering the top 10 most valuable currencies.

Brazil’s Real currently occupies the 10^th spot, with around $2.175 trillion in circulating supply, as per fiatmarketcap.com.

To surpass the Real and reach a Bitcoin market value of $2.2 trillion, BTC would need to reach around $110,000.