Bitcoin Now Ranks In Top 30 World’s Largest Currencies

September 25, 2019 / by Crypto.IQ

Bitcoin is fast becoming a major force in the world currency market and has already made it to the top 30 largest currencies of the world. Even better, Bitcoin is only a decade old and right now it is only half of its all-time high.

The chart below represents M2 market supply for the world’s largest currencies. It includes mutual funds, saving deposits, checking deposits as well as the cash in circulation. The Chinese Yuan is, reportedly, the largest M2 currency with $29,011 bn. The second on the list is the US dollar with $14,521 bn. Currently placed on the 29th spot, Bitcoin has made its way into the top 30 largest currencies in the world.  

It’s only around a decade since the cryptocurrency was first introduced and its market cap has already crossed the M2 currency supply of the Colombian Peso. 

 The current market capitalization of Bitcoin is reflected in the tweet and it’s almost $183 billion. And, it is worth mentioning here that it’s not even close to where it peaked earlier. Towards the end of December 2017, the price of Bitcoin had reached around $20,000 with a market cap crossing $320 billion. That would have placed BTC much higher on this graph.

Satoshi Correlation With Other Currencies

Lately, the BTC price has remained steady. However, 2019 saw a significant increase in the price of Bitcoin as it spiked to around $14,000 during June from $3,800 at the start of the year. The price of 1 Satoshi right now puts Bitcoin’s smallest unit above the price of various fiat currencies. The value of 1 Satoshi is more than:

  •         1 Iranian rial
  •         1 Indonesian rupiah
  •         1 Vietnamese dong
  •         1 Guinean franc
  •         1 Laotian Kip
  •         1 Sierra Leonean leone
  •         1 Uzbekistani som

1 Bitcoin equals 100,000,000 Satoshis, and that means 1 Satoshi would be 0.00000001 BTC. There has been a gradual increase in its value against the USD. A Bitcoin is valued just under $10,000 whereas the value of 1 Satoshi is $0.0001. Just three years ago, the relative value of a US dollar was 20 times more than what it is right now, with BTC priced around $500.