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Bitcoin climbs the currency ranks, now 16th largest by market cap globally

Quick Take

Bitcoin (BTC), once viewed as a fringe digital asset, has ascended to claim the rank of the 16th largest currency worldwide when compared to various fiat currencies on a market capitalization basis. Measured by multiplying the total circulating supply of 19.5 million BTC by its unit price, Bitcoin’s market capitalization underscores its evolving role in the global financial sphere.

FiatMarketCap’s innovative methodology of expressing fiat currency market caps in Bitcoin terms offers an insightful viewpoint. It reveals the growing significance of digital asset like Bitcoin within a traditionally fiat-dominated space. China’s Yuan, the US Dollar, and the Euro occupy the top three ranks, with market caps calculated in Bitcoin exceeding Bitcoin’s finite supply limit of 21 million BTC.

The acknowledgment of Bitcoin as the 16th largest currency highlights the digital asset’s swift ascent and its burgeoning recognition as a potential store of value. It’s a testament to Bitcoin’s resilient market presence, challenging the conventionality of established national currencies.

# Currency Market Cap Price Circulating Supply
1 CNY 964,464,514 BTC 331 sats 291,200,000,000,000 CNY
2 USD 885,730,966 BTC 2,354 sats 37,618,765,569,000 USD
3 EUR 385,664,938 BTC 2,614 sats 14,751,875,000,000 EUR
4 JPY 267,109,023 BTC 16 sats 1,597,004,000,000,000 JPY
5 GBP 104,478,044 BTC 3,007 sats 3,473,701,000,000 GBP
6 KRW 95,227,269 BTC 1 sats 5,207,204,000,000,000 KRW
7 INR 68,028,626 BTC 28 sats 240,337,000,000,000 INR
8 CAD 63,344,794 BTC 1,784 sats 3,549,553,000,000 CAD
9 BRL 51,340,427 BTC 486 sats 10,552,680,000,000 BRL
10 HKD 50,722,042 BTC 301 sats 16,833,762,000,000 HKD
11 AUD 47,420,988 BTC 1,611 sats 2,942,000,000,000 AUD
12 TWD 46,213,992 BTC 76 sats 60,296,879,000,000 TWD
13 CHF 31,922,437 BTC 2,818 sats 1,132,535,000,000 CHF
14 RUB 24,087,950 BTC 26 sats 91,135,000,000,000 RUB
15 MXN 21,811,869 BTC 139 sats 15,666,762,864,000 MXN
16 BTC 19,582,968 BTC 100,000,000 sats 19,582,968 BTC

Source: fiatmarketcap.com

The post Bitcoin climbs the currency ranks, now 16th largest by market cap globally appeared first on CryptoSlate.


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