Bitcoin, the first ever crypto asset, is now the eleventh largest form of currency in the world counting gold and silver. Or, it’s 9th in forms of spendable currency, tied up with the value of Russia’s money.
Moving up in the world of finance
This news comes to us via Crypto Voices, who show that the asset is moving up in the ranks. It has beat out South Korea, Taiwan, Mexico, and is running up on Russia now. Of course, Gold is still the most valuable asset by a longshot at $8 trillion, with Japan and China in second and third.
Interestingly, in a reply to the tweet, one user remarked that FiatMarketCap.com says Bitcoin is at number 35. Crypto Voices replied to this, clarifying:
“Don’t know their methodologies, but Saudi Arabia and Denmark, for example, are pegged currencies, so their base money is the USD and EUR, respectively, and shouldn’t be counted. The correct economic comparison is the monetary base value of each currency’s central bank.”
As of this writing, Bitcoin’s market cap is at $165 billion with 17.8 million currently in supply. The value of the asset has been fluctuating over and under $9,000 in the recent past as well.
For reference, Ethereum is in second place at only $28 billion, though this asset isn’t meant to be a form of currency. The closest cryptocurrency to Bitcoin is Litecoin, in fourth, with an $8 billion market cap.
Of course, these numbers are only going to rise as time goes on. We can thank recent projects like Facebook’s Libra token for raising awareness, despite how you may actually feel about the asset.
We’re likely to see more activity coming on cryptocurrency trading platforms too. That will lead to the increase of online trading and from there even more value. We’ve still some time to wait, but that wait will be long worth it.