• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, October 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin Becomes 16th World’s Largest Currency, What’s Next?

7 January 2021
in Bitcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



Bitcoin is everywhere in 2021, and there isn’t any area of the world of finance that the cryptocurrency hasn’t begun to cut into. The asset’s booming market cap puts it in front of some of the largest publicly-traded companies in the world.

The recent rally has also helped the cryptocurrency become the 16th largest world currency overall, trailing directly behind the Russian ruble. Here’s the rest of the remaining currencies Bitcoin has left to leave in its dust as it develops into the greatest currency ever to exist.

Unstoppable Bitcoin Rally Rapidly Leapfrogging All Other Market Caps

Bitcoin at this point appears to be completely unstoppable, absorbing capital from all other markets, assets, and more. Throughout 2020, the asset stole a sizable share of the gold market, and a portion of each round of fiat money printing also made its way into the cryptocurrency.

RELATED READING | ALTCOINS SOAR ALONGSIDE BITCOIN, CRYPTO MARKET CAP NEARS $1 TRILLION

Once FOMO kicked into high gear, the asset’s market cap has jumped from $200 billion in 2020 to over $700 billion. The total crypto market cap also hit a milestone of $1 trillion across all assets, including Bitcoin.

The cryptocurrency's market cap has reached over $700 billion | Source: CRYPTOCAP-BTC on TradingView.com

Bitcoin alone is now worth more than most publicly traded companies, and trails right behind Tesla. One BTC can even buy a Tesla outright at this point. But comparing the cryptocurrency against publicly-traded company shares is a stretch.

Instead, the cryptocurrency should be compared to the fiat currencies of the world, representing some of the most powerful nations. Bitcoin is most directly opposed and in competition with these other currencies, and not shares of companies like Tesla or Apple.

In this comparison, Bitcoin’s massive and rapidly growing market cap now makes the cryptocurrency network the 16th largest currency in the world.

How The Cryptocurrency Stacks Up Against Other World Fiat Currencies

According to Fiat Market Cap, a spin on the popular cryptocurrency price aggregator Coin Market Cap, Bitcoin is now in 16th place in terms of overall world currencies.

The top-ranked crypto asset just overtook the Mexican peso in terms of overall value. Directly above it, lies the Russian ruble, the Swiss franc, and the Thai Bhat – which has a currency symbol that looks a lot like Bitcoin’s.

bitcoin fiat currencies

Bitcoin now ranks 16 on the list of top fiat currencies | Source: Fiat Market Cap

Above there is filled with mostly dollars: Australian, Taiwan, Hong Kong, Canadian, and United States. There’s also the euro, pound sterling, the rupee, lira, yen, and yuan.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Currently, the Chinese yuan is the largest currency with the most value spread across the globe, even despite the US dollar acting as the global reserve currency.

What Bitcoin offers the world that these other fiat currencies do not and never will, is freedom from the nation that is attached to each currency. A non-sovereign currency would benefit all, not one signal country. And given Bitcoin’s suddenly sharp trajectory, it could be only a matter of time before it tops this list.

Featured image from Deposit Photos, Charts from TradingView.com



Source link

Related articles

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 October 2023
Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

29 September 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: 16thBitcoinCurrencyLargestWhatsworlds
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Bitcoin Miner Bitfarms Closes $15M Brokered Private Placement

Next Post

XRP price soars 55% to ‘crucial’ level as Bitcoin notches new high at $38.5K

Related Posts

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 October 2023
0

The founder of the darknet marketplace Silk Road which dealt exclusively with Bitcoin, Ross Ulbricht, recently announced that he had spent...

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

29 September 2023
0

The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite...

Bitcoin Long-Term Metrics Point to a Different Scenario Than 2019 Fakeout: Top Analyst

Bitcoin Long-Term Metrics Point to a Different Scenario Than 2019 Fakeout: Top Analyst

29 September 2023
0

Bitcoin traders and enthusiasts have been eagerly anticipating the next significant move in the cryptocurrency market, with memories of the...

Public Miners Account for Just 28% – Is Decentralization in Jeopardy?”

Public Miners Account for Just 28% – Is Decentralization in Jeopardy?”

29 September 2023
0

In the world of Bitcoin mining, the concept of decentralization versus centralization has been a subject of ongoing debate.  Recent...

Bitcoin Recent Hiccup: Understanding The Invalid Block 

Bitcoin Recent Hiccup: Understanding The Invalid Block 

28 September 2023
0

Bitcoin miner Marathon Digital found itself in the spotlight when it inadvertently mined an invalid block at height 809478 on...

Load More
Next Post

XRP price soars 55% to 'crucial' level as Bitcoin notches new high at $38.5K

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF
  • How Will XRP Price React If Ripple Share Hits $600 After IPO?
  • Protocol Village: Babylon Unveils Bitcoin Staking Protocol for Cosmos Ecosystem

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,403.004.51%
  • ethereumEthereum(ETH)$1,725.192.32%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$218.791.54%
  • rippleXRP(XRP)$0.520.42%
  • usd-coinUSDC(USDC)$1.00-0.14%
  • staked-etherLido Staked Ether(STETH)$1,729.192.67%
  • solanaSolana(SOL)$23.943.29%
  • cardanoCardano(ADA)$0.2679361.97%
  • dogecoinDogecoin(DOGE)$0.0635021.19%
  • tronTRON(TRX)$0.0892840.56%
  • ToncoinToncoin(TON)$2.06-1.13%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.230.82%
  • matic-networkPolygon(MATIC)$0.561.85%
  • litecoinLitecoin(LTC)$67.480.60%
  • bitcoin-cashBitcoin Cash(BCH)$246.474.25%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,398.004.40%
  • shiba-inuShiba Inu(SHIB)$0.0000080.76%
  • chainlinkChainlink(LINK)$7.90-2.12%
  • daiDai(DAI)$1.000.02%
  • uniswapUniswap(UNI)$4.600.75%
  • true-usdTrueUSD(TUSD)$1.000.11%
  • avalanche-2Avalanche(AVAX)$9.660.06%
  • leo-tokenLEO Token(LEO)$3.670.03%
  • stellarStellar(XLM)$0.1139610.44%
  • moneroMonero(XMR)$149.351.55%
  • okbOKB(OKB)$43.951.37%
  • ethereum-classicEthereum Classic(ETC)$16.590.91%
  • binance-usdBUSD(BUSD)$1.000.05%
  • cosmosCosmos Hub(ATOM)$7.452.08%
  • hedera-hashgraphHedera(HBAR)$0.0515392.52%
  • filecoinFilecoin(FIL)$3.420.62%
  • lido-daoLido DAO(LDO)$1.64-1.60%
  • internet-computerInternet Computer(ICP)$3.250.09%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • MantleMantle(MNT)$0.4218506.42%
  • crypto-com-chainCronos(CRO)$0.0516460.81%
  • makerMaker(MKR)$1,485.35-4.16%
  • AptosAptos(APT)$5.59-0.25%
  • quant-networkQuant(QNT)$90.35-0.63%
  • vechainVeChain(VET)$0.0176311.65%
  • ArbitrumArbitrum(ARB)$0.983.17%
  • optimismOptimism(OP)$1.465.44%
  • nearNEAR Protocol(NEAR)$1.15-0.63%
  • KaspaKaspa(KAS)$0.0501360.29%
  • aaveAave(AAVE)$69.690.76%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,876.012.89%
  • BSCEXBSCEX(BSCX)$237.190.34%