- December 29, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
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.
