Bitcoin Climbs to Become the World’s 8th-Largest Currency, Surpassing Taiwan Dollar

Bitcoin has climbed to become the world's 8th-largest currency by market capitalization. It has surpassed the Taiwan Dollar with this milestone.

Bitcoin has quietly climbed to become the world’s 8th-largest currency by market capitalization, surpassing the Taiwan Dollar with this milestone.

According to AssetMarketCap data, Bitcoin currently holds a market cap of $2.18 trillion, placing it above Taiwan’s currency, which is valued at $2.17 trillion.

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 with $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.

Related: Bitcoin Whale James Wynn Goes $830M Long on BTC, Then Trims $400M in 90 Minutes

The DEFI space is also heating up as we saw in our previous article.

According to the data, Bitcoin’s leap over the Taiwan dollar is a major psychological milestone.

BTC is now the 8th largest currency in the world, after flipping the Taiwan dollar.

Hong Kong dollar is next..🚀

The good news keeps coming! As #bitcoin continues to rise in price, it has also moved up the rankings of the largest assets in the world. It has now passed Amazon to become the 5th largest asset with a market cap of $2.14 trillion.

According to AssetMarketCap, which tracks the market capitalization of various assets, gold currently holds the top position with a market cap of $22.36 trillion. It is followed closely by Microsoft, which has a market cap of $3.36 trillion.

The next three largest assets are Nvidia with a market cap of $3.21 trillion, Apple with a market cap of $3.02 trillion, and Bitcoin with a market cap of $2.21 trillion. This places Bitcoin firmly in 5th place on the asset rankings.

How High Could Bitcoin Go?

It is worth noting that Bitcoin’s next milestone targets become increasingly challenging as market caps grow substantially at higher rankings.

To overtake the Hong Kong dollar, which has a market cap of $2.43 trillion, Bitcoin would need to rise by approximately 11% from current levels.

Furthermore, reaching the Korean won, which has a market cap of $3.08 trillion, would require Bitcoin to attain a price of roughly $148,000 per coin, assuming the current supply levels.

The British pound, on the other hand, has a market cap of $4.19 trillion, which implies an even more significant price appreciation would be needed to surpass this currency.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.