Bitcoin Market Cap Reaches Rp33 Quadrillion, Largest in the Crypto Market

The price of Bitcoin (BTC) continued to rise, exceeding US$100,000 or approximately Rp1.6 billion per coin in mid-December 2024 (assuming an exchange rate of Rp16,000 per US$).

The price increase has strengthened since Donald Trump was elected President of the United States (US) last November.

"Bitcoin has surged more than 50% since the US election on November 5th, when Donald Trump was elected," said the Reuters editorial on Monday (16/12/2024).

"The latest surge was driven by Trump's statement that he plans to create a US strategic Bitcoin reserve similar to the strategic oil reserve," it continued.

As of 11:20 WIB on December 17, 2024, the price of Bitcoin had already broken through US$106,000 per coin. Thus, its market capitalization reached US$2.1 trillion or approximately Rp33.7 quadrillion.

This Bitcoin market capitalization is the largest among other cryptocurrencies. BTC's market capitalization is also larger than Indonesia's 2023 Gross Domestic Product (GDP), which was approximately Rp21 quadrillion.

The next largest cryptocurrency by market capitalization is Ethereum (ETH) at US$482 billion, followed by XRP (XRP) at US$141.62 billion, Tether (USDT) at US$140.45 billion, BNB (BNB) at US$103.91 billion, and Solana (SOL) at US$102.73 billion.

Then there's Dogecoin (DOGE) with a capitalization of US$59.05 billion, USDC (USDC) at US$42.5 billion, Cardano (ADA) at US$37.63 billion, and Tron (TRX) at US$25.32 billion.

Here's a breakdown of the prices of the top 10 cryptocurrencies by market capitalization as of 11:20 WIB on December 17, 2024:

1. Bitcoin (BTC): US$106,495.87/coin
2. Ethereum (ETH): US$4,009.49/coin
3. XRP (XRP): US$2.48/coin
4. Tether (USDT): US$1.00/coin
5. BNB (BNB): US$721.54/coin
6. Solana (SOL): US$214.40/coin
7. Dogecoin (DOGE): US$0.40/coin
8. USDC (USDC): US$1.00/coin
9. Cardano (ADA): US$1.07/coin
10. TRON (TRX): US$0.29/coin