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Bitcoin outperforms Ukrainian hryvnia by market capitalization

Against the background of observed rise in the Bitcoin in recent weeks, a market capitalization of the cryptocurrency has increased.

At the same time, according to the available ForkLog’s data, it has already exceeded the capitalization of the Ukrainian hryvnia.

The market capitalization was $11.185 billion as at 31 October, but it was $11.4 billion a few days ago. As it turned out, it has exceeded hryvnia holdings ($11.2 billion).

The graph below, provided by Bitcoin enthusiast and developer Andrey Sobol to ForkLog, shows that a ratio of the Bitcoin’s market capitalization and hryvnia holdings in turnover (M0 in the graph) by the end of October.

 

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The second graph shows comparative dynamics of changes of these indicators. It shows that there was a considerable gap between hryvnia and Bitcoin (about $6 billion), however, with the Bitcoin price increases and the devaluation of the Ukrainian national currency, the gap started to narrow.

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The actual parity was achieved at the end of October, and we can assume that Bitcoin will strengthen its position in the foreseeable future.

It should be reminded that Bitcoin’s price reached $700 and it rose up to $725 later the same day. But, the following after that correction in the Bitcoin reduced its price a bit: Bitcoin was traded at price between $695 -$705 on Monday morning.

Source: forklog.com

  • November 10, 2016 12:08 PM MSK
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