After reaching a new all-time high price of $67,000 the market capitalization of Bitcoin briefly surpassed the total market cap of the Swiss franc.
Bitcoin’s market cap was more than $1.263 trillion when the price of the crypto asset reached an all-time high of roughly $67,000 earlier on Wednesday. This briefly exceeded the value of the circulating supply of the Swiss franc of roughly $1.26 trillion.
The price rise that led to Bitcoin surpassing the franc in value came as crypto futures-linked exchange-traded funds, or ETFs, were being approved for trading on major United States stock exchanges. The Bitcoin Strategy ETF from ProShares began trading on the New York Stock Exchange in October as the BTC rose above $63,000 for the first time in months.
In addition, filings at the Securities and Exchange Commission suggest that similar shares of ETFs from crypto-asset manager Valkyrie and asset manager VanEck may soon appear on exchanges. The regulatory body has yet to approve any BTC futures ETF application from Invesco, with Global X and Galaxy Digital also awaiting the approval of funds with direct exposure to crypto. Bitcoin’s market cap was already worth more than the total value of many fiat currencies.
