Bitcoin’s market capitalization once again surpassed the Canadian M1 money supply.
According to Cointelegraph, a media specializing in cryptocurrency on the 30th (local time), the market capitalization of bitcoin is once again sufficient to cover the supply of M1 money in Australia or Canada.
Bitcoin (BTC) surpassed $1.105 trillion, the largest cryptocurrency price based on market capitalization for another day.
According to data from the California Energy Investment Center (CEIC), this increase in market capitalization now means that the market size of Bitcoin has exceeded Canada’s M1 supply of $1.14 trillion.
At current figures, Bitcoin’s market capitalization is greater than the Australian dollar’s M1 money supply, which is currently $1.79 trillion.
Beyond the Australian and Canadian currency supply, Bitcoin’s market capitalization has grown once again to the point where BTC ranks in the top 10 of the’small currency’ rankings.
‘M1′ or’minor currency’ refers to the total supply of physical currency in circulation, as well as demand deposits held by travelers’ checks and other non-banking institutions, public and private sector institutions.
Bitcoin’s entry into the top 10 on the global M1 currency supply chart is another indicator of BTC’s currency growth rate. In November 2017, Bitcoin ranked 32nd in the’small currency’ supply.
Spain and Italy are the only countries with higher M1 money supply figures above Bitcoin and below the $2 trillion mark.
Currently, the total supply of Bitcoin is approximately 18.67 million BTC, and the asset price must reach $9,600 to be able to beat both Spain and Italy in the M1 currency supply rankings.