Bitcoin briefly flippens Swiss franc after rally to new ATH
The market capitalization for Bitcoin briefly exceeded the total market cap for the Swiss Franc after it reached a record price of $67,000 on Wednesday.
Fiatmarketcap data shows that Bitcoin’s market capital was over $1.263 trillion at the time when the crypto asset hit an all-time high of $67,000 on Wednesday. This was just short of the value of the Swiss Franc’s circulating supply at 1,158,489,000,000 CHF or approximately $1.26 trillion. AssetDash also lists total Bitcoin market ( Bitcoin) within 500 billion of Amazon.
As crypto futures-linked exchange traded funds (or ETFs) were approved for trading on major US stock exchanges, the price rise that saw Bitcoin’s value flippening to the franc was a result. ProShares’ Bitcoin Strategy ETF began trading at the New York Stock Exchange Oct. 19, as Bitcoin rose above $63,000 for only the second time in months.
According to filings at Securities and Exchange Commission, similar shares of ETFs may soon be available on exchanges. These could include the same shares from Valkyrie and VanEck, crypto-asset manager Valkyrie . Invesco has not yet approved any BTC futures ETF applications. Global X, Galaxy Digital and other funds that have direct exposure to crypto are also awaiting approval by the regulatory body.
Bitcoin’s market capital was worth more than many fiat currencies. It recently flipped the Russian ruble in Feb after Tesla, a car manufacturer, announced that it had bought $1.5 billion in Bitcoin. The company also suggested that its clients would soon be able to buy its products using the cryptocurrency asset. Bitcoin could be overtaking the Brazilian real with its market capital of more than $1.5 trillion.
Although the price of Ether ( ETH ) has risen to $4,000 , the market capitalization of BTC is still $750 billion higher than that of ETH. At the time this article was published, 18,849 193 BTC were in circulation.