HomeCryptocurrency NewsBitcoinBitcoin market cap ‘flips’ payments giant Visa for the 3rd time
Bitcoin market cap ‘flips’ payments giant Visa for the 3rd time
Bitcoin

Bitcoin market cap ‘flips’ payments giant Visa for the 3rd time

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A 48% Bitcoin (BTC) value surge because the begin of the 12 months has pushed BTC’s market cap previous that of fee processing big Visa as soon as once more.

With the BTC value at the moment at $24,365, its market cap of $470.16 billion is now marginally above that of Visa, which has a market cap of $469.87 billion, in accordance to CoinMarketCap.

BTC has “flippened” Visa once more. Source: CoinMarketCap.

This is the third time that BTC has “flippened” the market cap of Visa, in accordance to Companies Market Cap.

The first time got here in late December 2020, when BTC additionally occurred to hit $25,000 for the primary time. This was achieved throughout a value surge that noticed BTC rally from $10,200 in September 2020 to $63,170 seven months later, in April 2021.

Visa re-took the lead between June and October 2022, which then noticed BTC surpass Visa for a really temporary second on Oct. 1 earlier than the funds firm re-captured the lead once more.

This lead was widened when the collapse of cryptocurrency alternate FTX shaved off over $100 billion from the BTC in 4 days between Nov. 6-10, 2022.

However, since then, BTC has absolutely recovered and stacked a further $65 billion on high of its Nov. 6 market cap of $408 billion to overhaul the fee processing big.

It ought to be price noting that given the small distinction in market cap between BTC and Visa, the 2 are at the moment flipping one another by the hour. 

Related: What is the Lightning Network in Bitcoin, and the way does it work?

As for BTC’s spectacular begin to 2023, its third “flippening” of Visa got here on the again of 14 consecutive days of value will increase between Jan. 4-17.

BTC can be effectively forward of the second largest fee processing community Mastercard, which at the moment has a market cap of $345.24 billion, in accordance to Google Finance.

BTC remains to be nevertheless down 63% from its all-time excessive of $69,044, which it reached on Nov. 10, 2021.