The king of cryptocurrencies is now the ninth (9th) largest financial system when it comes to a comparison with the financial figures of all the countries spread across the globe. However, add Gold the largest financial system and the silver system and Bitcoin falls down to the tenth position with Russia.
The Crypto Voices has released statistics from its upcoming second-quarter (Q2) report and the figures are a tell-tale of cryptocurrency success.
Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Korea's monetary base (2019 Q1 won value). This means Bitcoin's monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update. pic.twitter.com/uOurAwuTzm
— Matthew | Porkopolis Economics (@crypto_voices) June 18, 2019
According to the chart, Gold stands first (1st) with seven and a quarter trillion dollars ($7.3t) market, while Japan stands second (2nd) with over four and a half trillion dollars ($4.6t) market, and China stands third (3rd) with a four and a half trillion dollars ($4.5t) value.
Moreover, the Eurozone nations collectively stand fourth (4th) with a little over three and a half trillion dollars ($3.6t) value, the United States stands fifth (5th) with a little lower than three and a half trillion dollars ($3.4t).
Whereas Silver stands sixth on the list with a size of 0.8 trillion dollars, the United Kingdom stands on the seventh place, Switzerland stands at the eight (8th) place with 0.6 and 0.4 trillion dollars value.
India holds the ninth (9th) place with 0.4 trillion estimations, Russia covers the tenth spot and Bitcoin shares the spot with Russia in an overall standard while eleventh on the list with 0.2 trillion value.
Bitcoin is the King of cryptocurrencies and for a good reason. Despite what Satoshi Nakamato may or may not have done or who is Satoshi, even if it is Craig Wright the world has been taken by a storm with the cryptocurrencies in picture and Bitcoin is the largest network.
On the other hand Willy Woo an independent technical analysis has revealed in his study that the Bitcoin popularity happens to be directly correlated with the BTC market valuation. Willy Woo, who is also the founder of an investment firm explains that lower searches are linked with pullbacks and massive bulls are observed with an increase in search volume.
Bitcoin is about to have its third monthly bullish MACD cross of all time.
Its worked out pretty well in the past. 😈 pic.twitter.com/5UtrPJPsGL
— filbfilb (@filbfilb) June 20, 2019
While, interestingly enough, as Bitcoin searches continue to rise, @FlibFlib, a trader and technical analyst have some bad news for the crypto enthusiasts anyway.
Flib pointed out that the Moving Average Convergence Divergence (MACD) on BTC weekly chart is showing signs of a crossover that could indicate, based on historical data, that this cryptocurrency could be about to experience a massive bull run.