Bitcoin market cap is now above $300 billion, becoming the world’s 15th most valuable liquid currency. Since measured by the M1 narrow money supply.
At that position, Bitcoin is more valuable than circulating currencies of both Hong Kong and India and a few billion dollars behind that of Saudi Arabia. At 10th position, Canada’s M1 is $637 billion so Bitcoin still has a long way to go to reach a similar value. For instance, there will be regulations and banning to deal with, but future is also brighter with new products, functionality and adoption on the way.
The positioning in chart, however, reveals that cryptocurrencies are an asset class that can no longer will be ignoring.
M1 measures value of currency in circulation — both as liquid bank deposits and physical currency in circulation. However, critics point to its weakness saying it gives a very narrow view of a currency’s total valuation. For instance, Bitcoin is far less liquid than other currencies of comparable size.
The rally came ahead of launch of another Bitcoin futures product this Sunday by CME Group. CBOE debuted futures last Saturday, and although the price went up to $17,000 after launch, the volumes have been low. Although CBOE has already launched the product last Saturday, CME is much larger and its products are expected to gain more attention from institutional investors.
The coin, which is currently trading at slightly above $18,000 at CoinMarketCap, reached an all-time-high of $18,111 on Bitfinex. This was an increase of about $2,000 in a single day.
South Korean exchanges also recorded very high prices on Friday. Bitcoin is trading at above $20,000 on Coinone at the time of writing.