As the pioneering cryptocurrency, Bitcoin (BTC) has reliably held the top spot in market capitalization among all digital currencies.
However, its journey has not been without challenges; the inherent volatility of cryptocurrency has resulted in dramatic price fluctuations, impacting BTC’s market cap by billions within brief periods.
The year 2024 began with an optimistic first quarter, followed by a prolonged phase of stagnant trading that lacked a definitive direction. Yet, since mid-October, the landscape has evolved — Bitcoin and the overall cryptocurrency market are now experiencing a bullish trend, driven by rising recession anxieties and the election of Donald Trump, who is largely regarded as the pro-crypto candidate in the upcoming 2024 presidential election.
Despite encountering obstacles, Bitcoin has now achieved a groundbreaking milestone, surpassing the $100,000 mark for the first time. As of the latest update, one BTC is valued at around $102,632.
This recent surge has also brought forth another noteworthy achievement — Bitcoin now ranks as the 10th largest currency globally, which could enhance its reputation as not just a speculative investment but also a dependable store of value.
Bitcoin’s market cap has surpassed the Australian Dollar — is the Hong Kong Dollar next?
The total value of all Bitcoins currently in circulation — approximately 19,790,568 BTC — has now exceeded the market capitalization of the Australian Dollar, which is estimated to be around 19,485,928 BTC, based on data sourced by Finbold on December 5 from FiatMarketCap.
At this point, Bitcoin’s market cap is greater than that of certain fiat currencies affiliated with key economies, including the Swiss Franc, the New Taiwan Dollar, and the Brazilian Real.
A significant difference still exists between BTC and the next largest currency, the Hong Kong Dollar, which has a market capitalization equivalent to approximately 22,867,604 BTC at the time of this report. For Bitcoin to surpass the HKD, it would need to experience a further 15% increase — a scenario that appears plausible when examining past market cycles.
As the leading digital asset pushes towards the $110,000 threshold, about $8 billion in short positions may face liquidation — should that occur, the bullish momentum could intensify as buying pressure rises.
In the long term, BTC’s value could reach even higher levels — a technical analysis using Fibonacci levels shared by trading analyst TradingShot indicates that by early 2025, Bitcoin might trade near $140,000. While that would still result in a slightly lower market capitalization than the Hong Kong Dollar, it appears only a matter of time before BTC surpasses it.
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