Bitcoin Briefly Tips Swiss Franc After Rally Towards New ATH

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After hitting a new all-time high nearing $ 67,000 earlier on Wednesday, Bitcoin’s market cap briefly exceeded the total market cap of the Swiss franc.

According to data from Fiatmarketcap, Bitcoin’s market cap was over $ 1,263 billion when the price of the crypto asset hit an all-time high of around $ 67,000 earlier on Wednesday. This briefly exceeded the value of the circulating supply of the Swiss franc to CHF 1,158,489,000,000, or about $ 1.26 trillion. AssetDash also lists the total market capitalization of Bitcoin (BTC) at less than $ 500 billion from Amazon.

The rise in prices that led Bitcoin to reverse the value of the franc came as exchange-traded funds linked to crypto futures, or ETFs, were approved to trade on major U.S. exchanges. ProShares’ Bitcoin Strategy ETF began trading on the New York Stock Exchange on October 19, as BTC exceeded $ 63,000 for the first time in months.

In addition, documents filed with the Securities and Exchange Commission suggest that similar ETF shares of crypto asset manager Valkyrie and asset manager VanEck may soon appear on stock exchanges. The regulator has yet to approve any applications for BTC futures ETFs from Invesco, Global X and Galaxy Digital also awaiting approval for funds directly exposed to crypto.

Related: The Big Crypto Turnaround: Can Ethereum Surpass Bitcoin?

Bitcoin’s market cap was already worth more than the total value of many fiat currencies. More recently, it reversed the Russian ruble in February after automaker Tesla announced it had purchased a total of $ 1.5 billion in Bitcoin and suggested that its customers would soon have the option to purchase its products. using the crypto asset. The Brazilian real, with a market capitalization of over $ 1.5 trillion, would be the next to potentially be overtaken by Bitcoin.

Although the price of ether (ETH) has also exceeded $ 4,000 for the first time since May, BTC remains the highest rated asset with a market cap of $ 750 billion higher than ETH. . At the time of publication, 18,849,193 BTC are currently in circulation.

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