Bitcoin adds yet another feature to its cap as it overtakes Swiss franc

Bitcoin has overtaken the Swiss Franc to become the world's 13th largest currency!

After the launch of the first bitcoin ETF in the US, the price of the asset has been on a bullish run, breaking all records and crossing US$66,000. The growth of bitcoin was mirrored onto other cryptocurrencies as well, like ether, Shiba Inu, and Solana as other major cryptos also witnessed a massive price rally.

An evaluation conducted by the market analysts and industry experts, between bitcoin's market cap to the world's largest firms, revealed that it now ranks above FB and Tesla, whereas the general crypto market is currently priced more than Apple for more than US$2.5 trillion.

The Global Adoption of Bitcoin

Bitcoin acted as a sharp tool for the development of many countries. The upward momentum of bitcoin price and increasing adoption from institutional investors has led to an increasingly mainstream coverage from various well-famed networks and journals. Within the past 8 months, bitcoin and the crypto market have matured significantly. The rapid increase in the trading volume of bitcoin has demonstrated a drastic impact on bitcoin's liquidity, which crypto analysts consider as a key factor in facilitating the rising demand from institutional investors.

Bitcoin's record-breaking rally, which initiated a price rise by more than 50% since the start of October, has been fuelled by a succession of positive news in the crypto space. Crypto enthusiasts claim that there are several extra bitcoin ETFs that are anticipated to be accredited by the SEC over the upcoming months, which will make BTC's price go parabolic within the closing months of 2021.

As major financial institutions, tech companies, and nations continue to avail bitcoin wallets, trading platforms and use BTC as legal modes of payment, the mainstream adoption of bitcoin will continue to rise exponentially.