Bitcoin market cap ‘flips’ funds large Visa for the third time

A 48% Bitcoin (BTC) worth surge for the reason that begin of the 12 months has pushed BTC’s market cap previous that of cost processing large Visa as soon as once more.

With the BTC worth at the moment at $24,365, its market cap of $470.16 billion is now marginally above that of Visa with a market cap of $469.87 billion, according to CoinMarketCap.

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

That is the third time that BTC has “flippened” the market cap of Visa, according to Corporations Market Cap.

The primary time got here in late December 2020 when BTC additionally occurred to hit $25,000 for the first time. This was achieved throughout a worth 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 transient second on Oct. 1 earlier than the funds firm re-captured the lead once more.

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

Nonetheless, since then, BTC has totally recovered and stacked a further $65 billion on prime of its Nov. 6 market cap of $408 billion to overhaul the cost processing large.

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. 

Associated: What is the Lightning Network in Bitcoin, and how 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 price increases between Jan. 4-17.

BTC can be properly forward of the second largest cost processing community Mastercard, which at the moment has a market cap of $345.24 billion, according to Google Finance.

BTC continues to be nevertheless down 63% from its all-time-high price of $69,044, which was reached on Nov. 10, 2021.