New world Champion of Currencies?
8h53 ▪
3
min of reading ▪ by
Surpassing $63,000, Bitcoin is approaching its November 2021 record and is establishing new highs. It even reaches the 14th spot globally in terms of market capitalization.
Bitcoin: New Champion of Currencies?
Bitcoin ETFs, often seen as potential competitors to gold ETFs, are contributing to this rise in Bitcoin’s power.
The bitcoin, an unstoppable phenomenon in the financial markets, takes another step in its quest for domination. This week, it has surpassed the Russian ruble to become the 14th most significant currency in the world in terms of market capitalization, according to data from CoinMarketCap relayed by Watcher Guru.
This meteoric rise is the result of a massive increase due to a massive inflow of Spot ETF funds. Indeed, Bitcoin now transcends the mere cryptocurrency market to establish itself as a formidable competitor to a variety of international currencies.
Long considered the predominant digital asset, Bitcoin has never ceased to impress. The hopes placed in it at the beginning of the year 2024 now seem largely confirmed. The return of BTC above $62,000, a level not seen since 2021, suggests a possible reconquest of its previous all-time high, set at $68,990.
By surpassing the Russian ruble, Bitcoin now reigns above well-known global currencies such as the Mexican peso, the Saudi riyal, the Thai baht, and the United Arab Emirates dirham. However, it still has a few rungs to climb, with substantial competitors such as the Swiss franc, the Australian dollar, the New Taiwan dollar, and the Brazilian real.
As the world holds its breath, all eyes turn to April and the much-anticipated Bitcoin halving event. This major milestone promises to significantly increase Bitcoin’s overall value, thus propelling its price towards new, unexplored heights.
Maximize your Cointribune experience with our ‘Read to Earn’ program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
