The cryptocurrency market is now more valued than Apple

The cryptocurrency market is now more valued than Apple, the company with record market capitalization. Driven by the rise in the price of Bitcoin in anticipation of the approval of several ETFs, the digital asset market was valued at $ 2.37 billion, against $ 2.33 billion for the iPhone maker.

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After several months of hibernation, Bitcoin (BTC) is back in force. Despite repeated threats from the Chinese government, Elon Musk’s indecisiveness, and fruitless attempts at regulation issued around the world, the price of the mother of cryptocurrencies briefly bounced back. above $ 60,000.

This is a first since last April. Currently, Bitcoin is trading around $ 59,000 on most platforms. The oldest of cryptocurrencies is now heading towards its highest level, namely $ 65,000. Many observers believe that crossing this threshold will pave the way for $ 100,000 in the months to come.

Cryptocurrencies have overtaken Apple

This rebound, initiated several weeks ago, is mainly due to imminent approval of several Bitcoin ETFs. According to information relayed by Bloomberg, the Securities and Exchange Commission (SEC), the financial policeman of the United States, is preparing to approve issuance of several exchange traded funds (AND F). For those who do not know, an ETF is an index that fluctuates according to the price of an asset. In the case of Bitcoin, the ETF will follow the evolution of the price of the currency. An ETF makes it easier to invest. Indeed, there is no need to keep the asset linked to the index yourself to invest. This is particularly useful for people who want to invest in a precious metal, such as gold.

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As is often the case, the rise in Bitcoin has given altcoins a boost. Carried by King Bitcoin, the cryptocurrency market has taken off. Market valuation reached $ 2.37 billion a few hours ago. Cryptocurrencies as a whole are now more valued than Apple, the most valued firm in the world.

Currently, the Silicon Valley giant is valued at $ 2.33 billion. Last July, Apple first crossed the threshold of $ 2.5 trillion in capitalization thanks to the explosion in its share price. The Cupertino company has however recorded a slight decline in the stock market in recent weeks following the panic generated by Evergrande. The Chinese real estate giant is indeed at risk of bankruptcy. Despite this setback, analysts expect Apple’s stock price to pick up quickly and hit $ 200 soon.

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