Earlier today, the world’s first cryptocurrency Bitcoin rose above $67,000 for the first time since November 2021 and is just $2K away from its previous all-time high. The Swiss Franc CHF, on the other hand, rose a little after the release of a slightly stronger-than-expected CPI report.
However, the pump by the Swiss CHF didn’t last for long as the inflation percentage still lay below what the Swiss National Bank targets. Thus, the currency still lies weak. According to information from Fiat Market Cap, CHF currently has a market capitalization of 19,285,015 BTC, which is 359,535 BTC below bitcoin, which currently trades at 19,644,550 BTC market cap.
Amidst the uptrend in price and market cap, bitcoin is the only cryptocurrency to rank among the world’s 15 largest currencies competing with and beating many fiat currencies including the Swiss franc CHF today to rank 13th with the Taiwan Dollar ahead of it in the 12th position.
Why Is Bitcoin Pumping?
Earlier this year, the U.S. Securities and Exchange Commission (SEC) approved the first batch of Spot Bitcoin exchage-traded funds (ETFs). With the approval, many investors have the opportunity to acquire bitcoins without having to understand the blockchain technology or pass through the stress of cryptocurrency exchanges. This has introduced many investors into the bitcoin market.
Additionally, Bitcoin Halving is set to take place next month in April 2024. Bitcoin halving is an event that reduces the supply of bitcoin mined per block by 50%. After the halving in April, the bitcoin block reward should reduce to 3.125 bitcoins per block. Many investors are currently in the market to acquire enough BTC as the halving increases the scarcity of the asset. This may have contributed to the recent pumps in bitcoin price.
Meanwhile, it is impossible to determine how high bitcoin will go or whether there will be a significant price correction before the halving event occurs.
