Bitcoin, the original and leading cryptocurrency in market cap, is now the 6th largest currency overall at its current price level of $11,300.
Bitcoin, the original and leading cryptocurrency in the blockchain space, is now the 6th largest currency in the entire world when you measure them by overall market capitalization. At the price of $11,300 per Bitcoin, there are only 5 global fiat currencies that have a larger market cap than Bitcoin. The currencies that are still larger than Bitcoin are the Indian Rupee (INR), Japanese Yen (JPY), Chinese Yuan (CNY), the Euro (EUR), and finally the U.S. Dollar (USD).
Although Bitcoin and fiat currencies do not use the same mechanisms to calculate the current circulating value, it is possible to estimate the between the two by comparing Bitcoin’s market capitalization versus the circulating money supply of the other fiat currencies. The U.S Dollar is by far the largest currency based on the value of its circulating supply, with $1.95 trillion worth of USD in circulation. You may expect the next largest to be the Chinese Yuan, but it is actually the Euro which is the second largest fiat currency by circulating supply value, with 1.38 trillion Euros in circulation around the world. The next three largest in circulating supply are the Chinese Yuan, Japanese Yen, and Indian Rupee, with $1.15 trillion, $1 trillion, and $425 billion respectively.