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Bitcoin has bypassed Ukrainian hryvnia by market capitalization

Against the background, during the last few weeks, Bitcoin’s growth rate, and the market capitalization of cryptocurrency increased. At the same time, according to the available data, it has already exceeded the capitalization of the Ukrainian hryvnia.

The market capitalization today, on 31 Oct., is $ 11.185 billion. A few days ago, the figure was $ 11.4 billion. As it turned out, it exceeded the capitalization of hryvnia cash ($ 11.2 billion).

On the chart, shown the ratio of Bitcoin market capitalization and hryvnia cash in circulation (M0 on the chart) at the end of October.

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The second graph shows the relative changes in the dynamic of these indicators. It shows that a year ago, the gap in favor of the hryvnia was quite impressive (about US $ 6 billion). But with the growth of Bitcoin prices and the devaluation of the Ukrainian national currency, it starts getting smaller.

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The actual parity occurred at the end of October, and we could assume that in the foreseeable future Bitcoin strengthen its position.

 

Recall that on the Saturday night, 29 October, Bitcoin overcome the psychological barrier of $ 700, and, later the same day, up on the individual exchanges to $ 725. But then a followed course correction pushed back a bit: on Monday morning, cryptocurrency on average is trading  between $ 695 – $ 705.