Bitcoin has become the 6th largest currency in the world by circulation
The world’s most dominating cryptocurrency, Bitcoin is now also the sixth largest currency in the world in terms of circulation, with a total value of $180 billion. According to the stats of Bank for International Settlements, Bitcoin has outranked Pound, Ruble, and Won, and is behind the five superpowers, while US Dollar sits on top with $1,424 billion of total value by circulation.
Bitcoin’s is now trading at $11,500, as it crossed $10,000 mark last week. However, the figure in our concern is based on a value of Bitcoin at $10,765 each, which makes the total value of Bitcoin $180 billion. While if Bitcoin keeps on going at its current pace, it is expected to hit $15,000 mark in upcoming months. This will make it easier for the cryptocurrency to outrank the next currency, Indian Rupee, which is currently valued at $250 billion in total, in terms of circulation.
It must be noted that the other four currencies ahead of Bitcoin are the Yen, Yuan, Euro, and Dollar. These currencies are quite highly valued for Bitcoin to reach. The list below shows the ranking of top 10 currencies with respect to circulation.
Meanwhile, other cryptocurrencies also have their fair shares in the run. Ethereum is ranked at 17th position, while Ripple holds stands 21st with a total value of $44 billion and $10 billion respectively, in terms of circulation.
These figures are reliable to an extent, as the value of notes in circulation does not reflect the total value of a currency. The numbers stated above only reveals the substantial power of Bitcoin, with respect to currency interactions.
Most importantly several investors within the cryptocurrency space believe that Bitcoin price will reach $45,000 by the end of 2018. This will indeed accomplish milestone of achieving a $1 trillion market cap in terms of circulation.
Image Source: CoinTelegraph
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