- Bitcoin has surpassed the Taiwan dollar to become the 8th largest global currency.
- BTC price has now hit $111.8K, pushing market cap to $2.18T, now ahead of Amazon.
- Next up, Bitcoin eyes the Hong Kong dollar’s $2.43 trillion in global currency ranks.
Bitcoin has climbed to become the world’s 8th-largest currency by market capitalization. It has surpassed the Taiwan Dollar with this milestone. With a current market cap of $2.18 trillion, Bitcoin now ranks ahead of Taiwan’s currency, which holds a $2.17 trillion valuation.
The advancement comes as Bitcoin reached a new all-time high of $111,800 on May 22, breaking through its previous record of $109,000. This price surge has pushed Bitcoin’s total market value above several major national currencies.
Where Bitcoin Stands in the Global Currency Hierarchy
According to AssetMarketCap data, Bitcoin’s current ranking places it behind the Hong Kong dollar, which has a $2.43 trillion market cap. This makes Hong Kong’s currency the next logical target for Bitcoin’s continued ascent up the global currency rankings.
The current global currency hierarchy shows the Chinese Yuan leading at $45.15 trillion, followed by the U.S. Dollar at $21.76 trillion, and the Euro at $17.74 trillion. The Japanese yen holds fourth place with $8.81 trillion, while the British pound ranks fifth at $4.19 trillion. The Korean won sits in 6th position with a $3.08 trillion market cap, just above the Hong Kong dollar. Bitcoin’s leap over the Taiwan dollar is a major psychological milestone.
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Bitcoin Climbs to 5th Among Global Assets
Beyond currencies, Bitcoin has also made new milestones in the general asset rankings. The cryptocurrency recently dethroned Amazon as the 5th-largest asset by market capitalization. It has now moved ahead of the e-commerce giant’s $2.14 trillion valuation.
Current asset rankings show gold maintaining the top position at $22.36 trillion. It is followed by Microsoft at $3.36 trillion, NVIDIA at $3.21 trillion, and Apple at $3.02 trillion. Bitcoin’s $2.21 trillion market cap places it firmly in 5th place.
How High Could Bitcoin Go?
Bitcoin’s next milestone targets become increasingly challenging as market caps grow substantially at higher rankings. The Hong Kong dollar, at $2.43 trillion, would require Bitcoin to gain approximately 11% from current levels.
Beyond Hong Kong, the Korean won at $3.08 trillion would need Bitcoin to reach roughly $148,000 per coin, assuming current supply levels. The British pound’s $4.19 trillion market cap would require even more substantial price appreciation.
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Source: https://coinedition.com/bitcoin-8th-largest-currency-globally-past-taiwan-dollar/