Bitcoin briefly flippens Swiss franc after rally to new ATH

by Gordon James

Bitcoin briefly flippens Swiss franc after rally to new ATH.

The why did bitcoin spike is a question that has been asked many times. Bitcoin briefly flippens the Swiss franc after a rally to new ATH.

 

Bitcoin’s market value temporarily exceeded the Swiss franc’s entire market capitalization after reaching a new all-time high price around $67,000 earlier on Wednesday.

Bitcoin’s market value was more over $1.263 trillion, according to statistics from Fiatmarketcap, when the crypto asset’s price hit an all-time high of nearly $67,000 earlier on Wednesday. This temporarily surpassed the value of the Swiss franc’s circulating supply, which stood at 1,158,489,000,000 CHF (approximately $1.26 trillion). The entire Bitcoin (BTC) market cap is also within $500 billion of Amazon, according to AssetDash.

Bitcoin’s price increase coincided with the approval of crypto futures-linked exchange-traded funds, or ETFs, for trading on major US stock exchanges, resulting in the franc’s value being flipped. ProShares’ Bitcoin Strategy ETF debuted on the New York Stock Exchange on Oct. 19, just as the price of bitcoin surpassed $63,000 for the first time in months.

Furthermore, SEC filings indicate that comparable shares of ETFs from crypto-asset manager Valkyrie and asset manager VanEck may soon be available on exchanges. Invesco’s BTC futures ETF proposal has yet to be approved, while funds with direct exposure to crypto from Global X and Galaxy Digital are also awaiting clearance.

Can Ethereum Overtake Bitcoin in the Great Crypto Flippening?

Bitcoin’s market capitalization was already more than the sum of several fiat currencies. It most recently depreciated the Russian ruble in February after Tesla revealed that it had bought $1.5 billion in Bitcoin and that its customers will soon be able to buy its goods using the cryptocurrency. The Brazilian real, which has a market capitalization of more than $1.5 trillion, may be the next currency to be overtaken by Bitcoin.

Despite the fact that the price of Ether (ETH) has risen over $4,000 for the first time since May, BTC remains the most valuable asset, with a market capitalization $750 billion more than ETH. At the time of publishing, there were 18,849,193 BTC in circulation.

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