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Bitcoin overtakes Swiss Franc to become world’s 13th biggest currency

·2 min read
Bitcoin rose more than 50 per cent in price against the US dollar between 1-21 October, 2021 (Getty/iStock)
Bitcoin rose more than 50 per cent in price against the US dollar between 1-21 October, 2021 (Getty/iStock)

Bitcoin has overtaken the Swiss Franc to become the world’s 13th largest currency by market cap.

The cryptocurrency, which became legal tender in El Salvador last month, overtook Switzerland’s currency after a remarkable surge this week took its price to a new all-time high above $66,000.

Follow The Independent’s live coverage of bitcoin and the crypto market

Bitcoin’s price gains were mirrored by several other leading cryptocurrencies, with Ethereum (ether) also closing in on a new record high.

The world’s second most valuable cryptocurrency is now among the top 25 fiat currencies by market cap.

When comparing bitcoin’s market cap to the world’s largest companies, it now ranks above Facebook and Tesla, while the overall crypto market is currently worth more than Apple – the most valuable firm on the planet – at more than $2.5 trillion.

Bitcoin’s record-breaking rally, which has seen its price rise by more than 50 per cent since the start of October, has been fuelled by a succession of positive news in the crypto space.

Earlier this week, the first ever bitcoin futures exchange-traded fund (ETF) launched on the New York Stock Exchange, opening up the cryptocurrency to a whole new swathe of investors and traders.

With several more bitcoin ETFs expected to be approved by the US Securities and Exchange Commission (SEC) over the coming months, some analysts have predicted BTC’s price to go “parabolic” in the final months of 2021.

“The market cap of bitcoin has surpassed the trillion dollar mark, an element that indicates that the parabolic rise of bitcoin is continuing,” David Wachsman, CEO of emerging tech consultancy firm Wachsman, told The Independent.

“This could suggest a further consolidation over the next months with a number of additional bitcoin futures ETFs in the US due to be approved over the coming weeks.

“While futures ETFs can be complex financial products for retail investors to leverage, there can be no doubt that the launches are a significant sign of how the asset class has gone mainstream. It is clear that crypto assets are no longer a niche market, with a broad range of participants including retail, institutions and corporates accelerating their involvement in the market.”

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