While the bitcoin price hit a new record, the market capitalization surpassed the value of one of Europe’s most significant fiat currencies, the Swiss franc.
According to data from CoinMarketCap, bitcoin’s total capitalization rose as high as US$ 1.25 trillion this past Wednesday (20), as the digital currency approached US$ 67,000 on the market.
BTC has overtaken the Swiss franc in total capitalization volume in the FiatMarketCap ranking with this record market value. For a few moments, the cryptoasset was considered the 13th largest currency in the world.
With around 18.85 million units in circulation, BTC hit a capitalization of more than US$ 1.25 trillion, and with that, it briefly surpassed the market value of all Swiss francs in circulation. According to data from Bitcoin Magazine, the fiat currency was valued at approximately 18.82 million bitcoins.
After a minor correction, the price of bitcoin is quoted at around US$ 63,000 on Thursday (21). With this variation, the digital currency was overtaken by the Swiss franc again.
If bitcoin is valued beyond US$ 67,000, the cryptoasset may surpass even the Real in the FiatMarketCap ranking. Valued at 23.97 million BTCs, the capitalization of Brazil’s fiat currency is currently equivalent to US$ 1.5 trillion.