Its current rankings place it at number 12 on the global level in terms of economy as well, beating out so many financial institutions around the world.
Bitcoin has marked history by now becoming the world’s 10th biggest currency. As Zora co-founder Jacob puts it, Bitcoin is valued at $2.04 trillion in terms of market cap value, marking one of its most outstanding record-breaking performances.
Its current rankings place it at number 12 on the global level in terms of economy as well, beating out so many financial institutions around the world.
This increase follows a thrilling time for Bitcoin, which just recently passed the $100,000 mark during a strong bull run. The uptrend started when Donald Trump won the 2020 U.S. elections, creating a surge in investor confidence and catapulting the cryptocurrency forward.
If anything, looking back, the journey that Bitcoin has had has been incredible. In 2021, Bitcoin recorded the highest market capitalization on November 9, which was valued at $1.28 trillion, with a price of $67,617 per bitcoin.
Just a few years ago, in 2019, it ranked 33rd among the world’s currencies and placed 43rd by economic value. From October (2017-2020), Bitcoin’s market capitalization remained under the $250 billion mark. But it all changed from November 2020 to February 2021, Bitcoin saw an unbelievable growth of 321% and broke the $1,000 billion market capitalization barrier.
Fast forward to today, and Bitcoin has had remarkable growth, both due to investor enthusiasm and ever-changing market dynamics.
The history of Bitcoin’s price is a rollercoaster. In the beginning, in 2009 when the currency first emerged, it was almost worth nothing – selling at less than one cent. It made a real jump in October 2010, shooting from just under $0.10 to $0.20.
Within a year, in June 2011, Bitcoin peaked at $29.60, before a market sell-off caused it to close the year at around $5.2. Bitcoin only went up despite its up-and-down curve. Bitcoin saw approximately $1.2 billion market capitalization in 2013. Nine years after Bitcoin was created, it could reach the $100 billion mark, as the market capitalization reached $100.1 billion in October 2017.
It has therefore continued to be one of the most influential assets our world has ever seen.
What once started as a plan conceived by the mysterious Satoshi Nakamoto to be an everyday transaction tool is, over time, the worldwide super-economic power that can boast the attention of any investors, governments, or technical innovators.