Bitcoin has reached a new milestone: It has overtaken the Taiwan dollar to become the world’s eighth-largest currency by market capitalization. The cryptocurrency’s market value surged to $2.18 trillion, narrowly surpassing Taiwan’s $2.17 trillion.
This significant movement comes after Bitcoin recorded a new all-time high of $111,800 on May 22. The price increase pushed Bitcoin’s value higher on the global currency chart, placing it directly behind the Hong Kong dollar, which has a valuation of $2.43 trillion.
According to AssetMarketCap, Bitcoin’s current value is below that of the Korean won and British pound among major currencies. The Hong Kong dollar is 11 percent higher than the Malaysian ringgit, so it is the next currency the Indonesian rupiah looks to move past.
Source: X
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The global currency system currently has the Chinese yuan at the top, valued at $45.15 trillion. Next in rank are the U.S. dollar, with $21.76 trillion, and the euro, at $17.74 trillion. At $8.81 trillion, the Japanese yen holds fourth place, while the British pound is in fifth place, with $4.19 trillion. The Korean won and the Hong Kong dollar come in sixth and seventh place on this list, respectively.
Bitcoin Expands Influence in Both Currency and Asset Markets
Bitcoin’s overtaking of the Taiwan dollar reflects a major moment in the digital asset’s global acceptance. It signals the growing presence of decentralized currencies in conversations historically dominated by state-issued money.
As well as ranking currency, Bitcoin has advanced among global investments. Its market capitalization rose to $2.21 trillion, edging ahead of Amazon’s $2.14 trillion and taking the fifth-largest spot.
At $22.36 trillion, gold remains the top global asset, joined in the top five by Microsoft, NVIDIA, and Apple. After starting as an alternative investment, Bitcoin’s position in the top five highlights its success in becoming a key member of worldwide finance.
Source: 8marketcap.com
Bitcoin’s rising above the Taiwan dollar indicates it is gaining ground worldwide. As it grows rapidly, Bitcoin keeps undermining the traditional way currency works by approaching much bigger monetary systems.
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