The market cap of the crypto asset surpassed the Russian ruble in February, following a big announcement by automaker Tesla. Bitcoin ATH surpassed $67,000 on Wednesday, and the market cap of the leading cryptocurrency exceeded the total market cap of Swiss francs.
Bitcoin makes ATH and overtakes Swiss Franc
According to data from CoinMarketCap, Bitcoin’s market cap was more than $1.263 trillion when its price exceeded $67,000. Considering the value of the circulating supply of the Swiss franc is approximately $1.26 trillion, BTC has surpassed the total market cap of the Swiss franc.
Bitcoin’s price surge came after futures Bitcoin ETFs were approved for trading on major US exchanges. ProShares’ Bitcoin Strategy ETF began trading on the New York Stock Exchange on October 19. In addition, filings with the Securities and Exchange Commission indicate that similar ETF shares of crypto asset manager Valkyrie and asset manager VanEck may appear on exchanges soon. The regulator has yet to approve any applications for Invesco’s BTC futures ETFs, and Global X and Galaxy Digital are also awaiting approval from crypto-related funds.
Bitcoin’s market cap was already more than the combined value of many fiat currencies. cryptocoin.com As we reported, it most recently reversed the Russian ruble in February after automaker Tesla announced that it had purchased a total of $1.5 billion in Bitcoin and said its customers will soon be able to purchase their products using the crypto asset. It looks like the Brazilian Real, with a market cap of more than $1.5 trillion, will be the next fiat currency that Bitcoin can potentially overtake.
Although the Ethereum (ETH) price also climbed above $4,000 for the first time since May, BTC remains the most valuable asset with a market cap of $750 billion more than ETH.
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