Another day of gains for Bitcoin (BTC) has seen the price of the largest crypto by market capitalization go beyond the $1.1 trillion mark — $1.105 trillion to be precise.
At the present figure, Bitcoin’s market capitalization is also greater than the M1 money supply of the Australian dollar which currently stands at $1.079 trillion.
By exceeding Australia and Canada, Bitcoin’s market capitalization is once again large enough to make BTC appear in the top-10 “stock of narrow money” rankings.
M1 or narrow money refers to the total supply of physical currency in circulation as well as traveler’s check and other forms of demand deposits held by non-banking institutions, public firms, private sector organizations among others.
Bitcoin’s climb to the top-10 of the global M1 money supply charts offers yet another indication of the pace of BTC’s growth