Bitcoin has Become one of the Largest Currencies in the World

Another top ten rank for Bitcoin. The king of the cryptocurrencies is now the sixth largest currency on earth. It has outperformed fiat currencies like the Russian Ruble, the British Pound or the South Korean won.

Bitcoin is Worth More Than the Pound and the Ruble

When Bitcoin started nine years ago, nobody was thinking that it could reach such an incredible level today. According to Bank For International Settlements at Bitcoin’s current price, the total value of all  Bitcoins stands at $180 billion dollars. That means that it is the 6th most valuable currency on earth.

“The current value of all Bitcoins ($180 billion) is greater than the value of all banknotes and coins of most of other countries / currencies including the UK ($103 billion), Canada ($59 billion) or Australia ($55 billion),” reads the inform.

Only the US Dollar, Euro, Yen and Yuan have much greater levels of currency circulation than Bitcoin. For example, the US Dollar accounts for more than $1.4 trillion while Bitcoin does not arrive at $200 billion. In order to achieve the market value of the US Dollar, each Bitcoin should be worth $83.732 dollars, almost 8 times more than its current price.

Nowadays, and to put it into perspective, Apple has a market capitalization that arrives at $791 billion dollars. It is followed by Alphabet and Microsoft with $664 and $568 billion dollars respectively.

But other cryptocurrencies behave in a similar way to Bitcoin. For example, Ethereum is ranked 17th with a total market capitalization of $44 billion dollars. In the 20th and 21st place stand Bitcoin Cash and Ripple. The first one accounts for $24 billion dollars and the second one almost $10 billion.

The total virtual currency market capitalization would be just enough to arrive at the fifth place, overtaking the Indian Rupee. The cryptocurrency market value arrives at $328 billion dollars, far from the Japanese Yen that accounts for $856 billion dollars.

 

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  • David Tucker

    You’re comparing apples to bananas! First of all, cryptocurrencies like Bitcoin are not companies so comparing them to Apple or Google makes no sense. Second, comparing cryptocurrencies to cash and coin provides no useful information. If anything you should be comparing cryptocurrency with M2 which for the US is about $14 trillion which demonstrates what a small currency crypto still is, it’s an infant still growing.