Markets and Prices
3 mins ago |
By Samuel Haig – |
Bitcoin Market Capitalization Approaches $100 Billion USD
The total market capitalization of bitcoin is approaching $100 billion USD, currently sitting at approximately $94 billion USD. The current market capitalization is comparable to that of numerous top 100 global companies.
Bitcoin’s Market Capitalization Has Begun to Test the $100 Billion USD Area
The market capitalization of bitcoin is currently sitting at approximately $94 billion USD after setting a new all-time high of over $92 billion USD earlier this week. Bitcoin’s market capitalization has so far made gains of over 600% during 2017, after starting the year at approximately $15.6 billion USD.
If compared with the market cap of the top 100 global companies according to Pricewaterhouse Coopers, bitcoin would rank 81st, just three places shy of Goldman Sachs – which boasts a market capitalization of $96 billion USD according to the data. Bitcoin would be one place above the United States Postal Service ($93 billion USD), and several places above Nike and Australian mining giant BHP Billiton – who both have a market capitalization of roughly $92 billion USD.
When contrasted with the annual gross domestic product (GDP) of nation states, bitcoin’s current market cap would garner it a ranking of 66nd when compared to 191 countries, according to IMF projections. If bitcoin were a country, it would be ranked behind Ukraine, who has an annual GDP of $95.9 billion USD. Ranking behind the hypothetical nation of bitcoin would be the Slovak Republic ($89.1 billion USD), Sri Lanka ($84 billion USD), and Ethiopia ($78.4 billion USD).
Bitcoin Currently Accounts for 54.4% of the $175.2 Billion Total Market Capitalization of All Cryptocurrencies
The total market cap of all cryptocurrencies is currently comparable to that of number thirty-seven ranked Philip Morris International ($175 billion USD), which trails just behind Home Depot Inc. and Toyota Motor Corp ($177 billion USD each). The total market capitalization of all cryptocurrencies is higher than the annual GDP of Algeria, the 55 largest economy ($173.9 million USD), and below that of Iraq ($189.4 billion USD).
The market cap of other major cryptocurrencies have also elevated this year. Ethereum currently boasts a total market capitalization of almost $32.5 billion USD, which is larger than the annual GDP of the 98th largest economy, Cameroon ($29.5 billion USD), and behind Bahrain (34.3 billion USD). Ripple has the third largest market capitalization of all cryptocurrencies, ($10 billion USD approximately), which would rank it behind the world’s 135th largest economy, Mongolia.