Bitcoin (BTC) has now passed the Swiss Franc to become the 13th largest currency in the world. Now trading at $72,323.57 per BTC, the cryptocurrency is surging to levels not seen in years. The latest climb catapults Bitcoin over world fiat currencies including the Swiss Franc, Russian Ruble, and Saudi Riyal.
The biggest difference between Bitcoin and other leading currencies in the world is the circulating market supply. While the vast majority of fiat currencies are limited in supply, Bitcoin will always have a maximum supply number. This is due to the scheduled Bitcoin halving, which typically occurs once every four years. This automatically burns half of the entire BTC supply, which keeps it valuable due to having a set limit of blocks available.
With implementation growing worldwide, Bitcoin has been pumped over the past few years. The price exploded again over the last two months due to the approval of Spot Bitcoin ETFs in the United States. The approval allows banks to invest in these exchange-traded funds on behalf of their clients, making the cryptocurrency more available for things including retirement plans.
Also Read: Bitcoin: Analyst Predicts $250K Price Target as BTC Hits Record High
Bitcoin ETFs are now commonly some of the highest-traded stocks on the US stock market today. As the next halving nears, BTC will likely only rise more, with some bullish investors seeing $100,000 in reach. That instance would be the first time the price has reached the milestone. Now that the cryptocurrency is climbing the global overall currencies charts, others may see even bigger boosts in price as well.
You can expect this newest development to pump into Ethereum, altcoins, and memecoins on the market, as the hype around cryptocurrency jumps even more.
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