Unstoppable rise! Bitcoin now 16th largest currency in the world – what’s next?
Bitcoin is everywhere in 2021 – and there is no area of the financial world that the cryptocurrency has not penetrated. The asset’s booming market capitalisation puts it ahead of some of the biggest listed companies in the world.
The recent rally has also helped the cryptocurrency become the 16th largest global currency overall, just behind the Russian rouble. And it is only these currencies that Bitcoin Profit has to leave in the dust behind as it becomes the biggest currency ever.
Bitcoin rally of astounding proportions
Bitcoin seems completely unstoppable at this point – absorbing capital from all other markets, assets and more. Over the course of 2020, the asset stole a significant share of the gold market, and a portion of each round of fiat money printing also found its way into the cryptocurrency.
With strong FOMO (Fear Of Missing Out), the asset’s market cap has jumped from $200 billion in 2020 to over $700 billion. The total crypto market capitalisation has since reached the $1 trillion milestone across all assets, including Bitcoin.
Bitcoin alone is now worth more than most publicly traded companies and is right behind Tesla. One BTC can even buy a Tesla outright at this point. But comparing cryptocurrency to publicly traded company stocks is a stretch.
Instead, cryptocurrency should be compared to the world’s fiat currencies, which represent some of the most powerful nations. Bitcoin stands in direct contrast and competition to these other currencies – and not to shares in companies like Tesla or Apple.
In this comparison, Bitcoin’s massive and rapidly growing market capitalisation now makes the cryptocurrency network the 16th largest currency in the world.
How Bitcoin compares
According to „Fiat Market Cap“, an offshoot of the popular cryptocurrency price aggregator Coin Market Cap, Bitcoin is now the 16th largest currency in the world.
The top-ranked crypto-asset has just overtaken the Mexican peso in terms of total value. Just above it are the Russian rouble, the Swiss franc and the Thai bhat – which has a currency symbol that looks very similar to Bitcoin’s.