After hitting a new all-time high near $ 67,000 early this morning, Bitcoin’s market capitalization briefly surpassed the total capitalization of the Swiss franc.
According to data from Fiatmarketcap, Bitcoin’s market capitalization was over $ 1.263 trillion when the price of the crypto asset hit an all-time high of approximately $ 67,000 today. This figure briefly exceeded the value of the circulating supply of the Swiss franc, which is 1,158,489,000,000 CHF, or about USD 1.26 trillion. AssetDash also includes the total market capitalization of Bitcoin (BTC) among Amazon’s $ 500 billion.
The price surge that drove Bitcoin to exceed the franc in value came at a time when exchange-traded funds, or ETFs, tied to futures contracts, were being approved to debut on major U.S. stock exchanges. . The ProShares Bitcoin Strategy ETF began trading yesterday on the New York Stock Exchange and soon after the token price passed the $ 63,000 mark for the first time in months.
Furthermore, lSecurities and Exchange Commission (SEC) filings suggest that similar ETF stocks from crypto asset manager Valkyrie and asset manager VanEck could soon debut in the markets. The regulatory body has yet to approve any applications for BTC futures ETFs from Invesco, Global X and Galaxy Digital are also awaiting approval of funds with direct exposure to crypto.
Bitcoin’s market capitalization already exceeds the total value of many fiat currencies. Most recently, it surpassed the Russian ruble in February after automaker Tesla announced that it had bought a total of $ 1.5 billion worth of Bitcoin and suggested that its customers would soon have the ability to buy its products using the cryptoasset. The Brazilian real, with a market capitalization of more than USD 1.5 trillion, would be the next currency that could be surpassed by Bitcoin.
Although the price of Ether (ETH) also rallied to exceed $ 4,000 For the first time since May, BTC remains the highest valued asset, with a market capitalization higher than that of ETH. At the time of writing, there are 18,849,193 bitcoins in circulation.
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