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.

Also Read: Markets Update: Bitcoin’s Price Peaks Past $5800 Across Global Exchanges

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.

Do you think that bitcoin’s market capitalization will continue to grow during 2017? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.