Bitcoin Briefly Eclipses Swiss Franc in Market Cap
On Wednesday, the market capitalization of Bitcoin temporarily exceeded the entire market value of the Swiss franc, as the cryptocurrency reached a new all-time high of around $67,000 at one point. Earlier on Wednesday, the price of bitcoin hit an all-time high of about $67,000, as per statistics from Coingecko, putting its market capitalization at over $1.263 trillion.
This temporarily surpassed the value of the Swiss franc’s circulating supply, which stood at 1,158,489,000,000 CHF, or about $1.26 trillion, for a short period of time. AssetDash also displays the entire Bitcoin (BTC) market capitalization, which is within $500 billion of Amazon’s market capitalization.
The price increase that resulted in Bitcoin devaluing the Swiss franc occurred at the same time as cryptocurrency futures-linked exchange-traded funds (ETFs), were being authorized for trading on major United States stock exchanges, according to a report by Bloomberg. The Bitcoin Strategy ETF from ProShares started trading on the New York Stock Exchange on October 19, as the price of bitcoin climbed over $63,000 for the first time in months, according to the exchange.
Addtionally, filings with the Securities and Exchange Commission indicate that comparable shares of ETFs from crypto-asset management Valkyrie and asset manager VanEck may soon begin trading on stock exchanges across the world. It has yet to accept any Bitcoin futures ETF applications from Invesco, and funds with direct exposure to cryptocurrencies like as Global X and Galaxy Digital are also seeking regulatory clearance for their products.
Bitcoin’s market capitalization was already worth more than the combined value of several fiat currencies at the time of writing. Most recently, it caused the Russian ruble to plummet in February when automobile maker Tesla revealed that it had bought an aggregate of $1.5 billion in Bitcoin and that its customers will soon be able to buy its goods using the cryptocurrency asset.
The Brazilian real, which has a market capitalization of over $1.5 trillion, would be the next currency that Bitcoin might surpass. However, despite the fact that the price of Ether (ETH) has risen to over $4,000 for the foremost time since May, Bitcoin (BTC) stays the top-rated asset with a market value that is $750 billion over that of ETH. At the time of publishing, there were 18,849,193 bitcoins in circulation.