Bitcoin has surpassed the Taiwanese dollar and become the eighth largest currency in the world.
The price of BTC has now reached $111.8 thousand, resulting in a market capitalization increase to $2.18 trillion, which is now higher than that of Amazon.
Next is Bitcoin, which is competing with the Hong Kong dollar valued at $2.43 trillion in the global currency rankings.
#bitcoin has risen and become the 8th largest currency in the world by market capitalization. It has surpassed the Taiwanese dollar, reaching this milestone. With a current market capitalization of $2.18 trillion, Bitcoin now outpaces the currency of Taiwan, which is valued at $2.17 trillion.
The progress followed after Bitcoin reached a new all-time high of $111,800 on May 22, breaking its previous record of $109,000. This price surge raised Bitcoin's total market value above several major national currencies.
Bitcoin's place in the global hierarchy of currencies
According to AssetMarketCap data, the current ranking of Bitcoin places it behind the Hong Kong dollar, whose market capitalization is $2.43 trillion. This makes the Hong Kong currency the next logical target for Bitcoin's further rise in the global currency rankings.
The current global hierarchy of currencies shows that the Chinese yuan leads with $45.15 trillion, followed by the US dollar with $21.76 trillion and the euro with $17.74 trillion. The Japanese yen ranks fourth with $8.81 trillion, and the British pound ranks fifth with $4.19 trillion. The South Korean won is in 6th place with a market capitalization of $3.08 trillion, just above the Hong Kong dollar. Bitcoin's leap over the Taiwanese dollar is an important psychological milestone.
Bitcoin has risen to 5th place among global assets
In addition to currencies, Bitcoin has also reached new heights in the overall asset ranking. The cryptocurrency recently displaced Amazon from 5th place by market capitalization. It has now surpassed the e-commerce giant's valuation of $2.14 trillion.
Current asset rankings show that gold maintains the leading position with $22.36 trillion. It is followed by Microsoft with $3.36 trillion, NVIDIA with $3.21 trillion, and Apple with $3.02 trillion. Bitcoin's market capitalization of $2.21 trillion places it firmly in 5th place.
How high can Bitcoin rise?
The next milestones for Bitcoin are becoming increasingly challenging as market capitalizations grow significantly at higher rankings. The Hong Kong dollar, worth $2.43 trillion, will require Bitcoin to grow by about 11% from current levels.
Outside of Hong Kong, the South Korean won at $3.08 trillion will require Bitcoin to reach about $148,000 per coin, assuming current supply levels. The market capitalization of the British pound at $4.19 trillion will require an even more substantial price increase.
