After exploding above $48K, Bitcoin’s market capitalization surpassed the total market cap of the Russian ruble on February 9. BTC has flipped the ruble after setting a new record high of $48,225.
Based on the data acquired from AssetDash, the Bitcoin market cap stands at $870 billion at the time of publishing. This market cap metric exceeds the total money supply of the Russian ruble, which as of January, was estimated to be 58.6 trillion RUB. Currently, the total market capitalization of RUB stands roughly at around $791.1 billion.
In the same context, the leading crypto asset has overtaken Tesla Motors in capitalization after a brief retreat in the past 24 hrs. The car manufacturers have a total market cap standing at $813 billion at the time of publication, having plummeted by 1.8% over the last 24 hrs.
The price of Bitcoin skyrocketed after news emerged that Tesla Inc had acquired $1.5 billion in Bitcoin, to be held as an investment and store of value for its excess cash. Since then, the price of BTC has subsequently surged to set a new all-time high of $48,225. BTC is currently oscillating around $46,767.
Although BTC has plunged below $47,000, its market cap remains higher than that of Tesla and Facebook. Interestingly, BTC is increasingly gaining momentum to run after the Chinese Multinational Tech Conglomerate Tencent, currently valued at $911 billion.
The Bitcoin market cap now exceeds many fiat currencies globally, including the Mexican peso that is roughly estimated at $731 billion. Though Bitcoin (BTC) remains the top-rated asset on CoinMarketCap, the analytics website is currently listing the Tesla Model 3 above BTC in the ‘0’ position. The electric vehicle retails at $37,990 in the U.S.