Bitcoin Grabs 14th Spot As World’s Most Valued Currency, Latest Data Show

Christian Encila

1 year ago

3 mins read

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In a groundbreaking financial shift, Bitcoin, the world’s original and deeply capitalized cryptocurrency, has swiftly climbed the ranks, securing its place among the top 15 largest currencies globally. Bold, a Bitcoin credit card company, revealed this remarkable feat in December, emphasizing Bitcoin’s uniqueness as the sole crypto in the top 20 currencies of sovereign central banks.

Examining the data provided by CEIC and CoinGecko paints a vivid picture of Bitcoin’s extraordinary ascent. On the pivotal date of November 19, Bitcoin’s market capitalization soared to over $835 billion, solidifying its position among the global financial giants.

Bitcoin’s Meteoric Rise: Overtaking Global Currencies

This milestone not only marked a significant leap forward for Bitcoin but also propelled it past India’s rupee, which stood at a little over $693 billion in November.

The narrative of Bitcoin’s triumph doesn’t stop there. Surpassing national currencies with ease, Bitcoin continued its meteoric rise, outshining even the venerable Swiss Franc.

By achieving a staggering market capitalization of $830 billion, Bitcoin showcased not only its financial prowess but also its resilience in a landscape often defined by volatility.

Bold’s list places Bitcoin just behind South Korea’s Won, boasting a market cap of $903 billion. FiatMarketCap, however, positions Bitcoin as the 16th largest currency by market cap when considering all currencies in the list.

#Bitcoin is the 14th largest currency in the world. pic.twitter.com/PvKqvYAtjx

— Bold Bitcoin (@BoldBitcoin) December 20, 2023

The month of December witnessed a palpable surge in Bitcoin’s value, propelled by the heightened anticipation surrounding spot ETFs. This burgeoning excitement not only elevated Bitcoin’s market standing but also facilitated a noteworthy milestone.

During this period of heightened anticipation, Bitcoin, with unwavering momentum, not only surpassed the valuation of the Swiss Franc but went a step further, closing in on the esteemed South Korean Won.

The strategic alignment of market forces, coupled with growing investor confidence, played a pivotal role in this achievement, showcasing Bitcoin’s resilience and adaptability in responding to evolving market conditions.

Bitcoin slides back into the $42K territory. Chart: TradingView.com

At the current trading price of $42,427, Bitcoin experienced a slight dip of 0.7% and 1.1% in the last 24 hours and seven days, respectively, according to Coingecko’s data.

Bitcoin: Challenging Global Currency Norms

A fascinating perspective emerges when considering Bitcoin’s potential. If its price were to reach over $919, it would exceed the US dollar’s money supply of $18 trillion, establishing itself as the largest global currency.

The debate over whether cryptocurrencies are true currencies remains active. The American Association for the Advancement of Science, in a research article published on December 22, suggests that while digital currencies are a significant development, they have yet to serve widely as a medium of exchange.

Contrastingly, a Geopolitical Monitor article on November 10 sees potential in Bitcoin becoming a major reserve currency, influencing the global monetary order.

‘Explosive’ Future For The King Coin

Looking ahead, 2024 appears to be a “very explosive” year for Bitcoin, with expectations of ETFs, legislative developments, and regulatory shifts. Brandon Zemp, CEO of BlockHash LLC, anticipates growth in the crypto industry, emphasizing its cyclical nature and the resilience demonstrated despite challenges in previous years.

Encouragingly, the crypto industry is firmly established, with a continuous purge of malicious actors enhancing awareness for improved practices and safeguards. Anticipating a forthcoming bull market, there is optimism that this phase might exhibit greater stability and longevity, primarily attributed to the systematic elimination of undesirable elements from the industry, as highlighted by Zemp.

“The good news is that crypto is here to stay and bad actors are constantly being flushed out of the market,” he said.

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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