Bitcoin has raced ahead and is now become the 6th most circulated currency in the world, behind the super giants US Dollar, Euro, Chinese Yuan, Japanese Yen and Indian Rupee. It has surpassed the other leading circulating currencies in the world like Russian Ruble, UK Pound Sterling, Swiss Franc and South Korean Won. The data for the value of various currencies in circulation comes from the Bank for International Settlements. The value for Bitcoin was calculated when the price for Bitcoin was $10,765, which implies that the total value of all Bitcoins in circulation was $180 bln. If bitcoin rises further to reach $15,000, it will overtake values of Indian Rupee in circulation to become 5th most circulated currency in the world. With the recent growth rate of Bitcoin, we can safely assume that Bitcoin may reach 5th position within the next month.
Other Leading Cryptocurrencies are Also Catching Up
Bitcoin is the only Cryptocurrency in the top 10. Ethereum and Bitcoin Cash are catching up and are in the top 20. When the price of Ethereum was $458.82 its total market cap was $44 billion, making it the 17th most circulated currency. Bitcoin Cash’s market cap was $24 billion with the price of $1,425.21, placing it in 20th position. Ripple just misses the Top 20 with a value of $10 billion.
One may argue that these data is partly skewed since the value of notes and coins in circulation is not representative of the total value of the currency. However the important point to note here is Bitcoin has made significant impact and is one of the critical currencies in circulation in the world.