After hitting a new record high near $67,000 earlier on Wednesday, bitcoin’s market cap briefly surpassed the total market capitalization of the Swiss franc.
Bitcoin’s market cap was more than $1.263 trillion, according to Fiatmarketcap, when the price of the crypto-asset peaked at an all-time high of around $67,000 earlier Wednesday. This briefly exceeded the value of the Swiss franc in circulation to 1,158,489,000,000 Swiss francs, or roughly $1.26 trillion. AssetDash also shows Amazon’s total Bitcoin (BTC) market cap of about $500 billion.
The surge in prices that caused bitcoin to shift around the franc was due to the approval of cryptocurrency futures-linked ETFs, or ETFs, to trade on major US exchanges. ProShares’ Bitcoin ETF strategy began trading on the New York Stock Exchange on October 19, when BTC surged above $63,000 for the first time in months.
In addition, filings with the Securities and Exchange Commission indicate that similar ETFs from crypto asset manager Valkyrie and asset manager VanEck may soon be listed on exchanges. The regulator has not yet approved any implementation of BTC futures ETFs from Invesco, with Global X and Galaxy Digital also awaiting approval from crypto-related funds.
On the topic: The Great Crypto Flip: Can Ethereum Overtake Bitcoin?
The market value of Bitcoin was already worth more than the total value of many fiat currencies. It recently reversed the Russian ruble in February after automaker Tesla announced it had secured a total of $1.5 billion in bitcoin, indicating that its customers would soon be able to purchase its products using cryptocurrency. The Brazilian Real, with a market capitalization of over $1.5 trillion, will be the next Bitcoin to catch up.
Although the price of Ether (ETH) has also risen, surpassing $4,000 for the first time since May, Bitcoin is still the highest-rated asset with a market capitalization of over $750 billion over ETH. At the time of publication, there are currently 18,849,193 BTC in circulation.