Bitcoin now has a higher market cap than the Russian currency.

In light of Russia's declaration of a "special military operation" in Ukraine, the cryptocurrency market has taken a significant hit recently. Although there has been a lot of chaos and devastation, Bitcoin has maintained a more significant market capitalisation than the Russian currency, the ruble. The Russian currency has been experiencing a significant drop due to the weight of Western sanctions imposed on Russia as a result of its invasion of Ukraine.

Bitcoin has overtaken the value of the Russian ruble in terms of the total value, with the price of Bitcoin increasing while the ruble's value continues to plummet. According to data from FiatMarketCap, Bitcoin has surpassed the ruble in the global ranking of fiat currencies by market value in bitcoins for the first time, with Bitcoin ranking 14th and the ruble ranking 17th on the list, respectively.

Bitcoin currently has a market capitalisation of roughly $835 billion, whereas the ruble has approximately $626 billion. Russia has responded to the destabilisation of its currency by more than doubling its benchmark interest rate to 20 percent and instructing companies to convert 80 percent of their foreign currency revenues on the domestic market, as the central bank, which is now subject to Western sanctions, has stopped intervening in the foreign exchange market.

According to CoinDesk, Solana's SOL and other layer one tokens such as Avalanche's AVAX and Polkadot's DOT performed exceptionally well.

According to CoinDesk data, Bitcoin's trading volume across significant exchanges has hit its greatest level since the December 5 price drop, which is similar to the volatility of the cryptocurrency.

Earlier, the global cryptocurrency market suffered a nearly 10% decline in value due to Russia's invasion of Ukraine on Thursday. The company's global market value was wiped out, amounting to more than $200 billion.

Ethereum, Cardano, Avalanche, Polkadot, Dogecoin and Shiba Inu were the most heavily targeted cryptocurrencies. On the other hand, some traders predicted that the price recovery would be short-lived due to geopolitical instability.