Bitcoin market cap ‘flips’ payments giant Visa for the 3rd time
The 48% rise in the price of Bitcoin (BTC) since the start of the year has again seen BTC’s market capitalization exceed that of payment processing giant Visa.
With BTC currently priced at $24,365, its market cap of $470.16 billion is now slightly higher than that of Visa, which has a market cap of $469.87 billion. according to on CoinMarketCap.
This is the third time that BTC has flipped Visa’s market cap. according to to the market capitalization of companies.
The first time this happened was at the end of December 2020, when BTC also hit $25,000 for the first time. This was achieved during a price spike when BTC rose from $10,200 in September 2020 to $63,170 seven months later in April 2021.
Visa took the lead again between June and October 2022, after which BTC briefly outperformed Visa on October 1 before the payment company took the lead again.
This advantage increased when the collapse of the FTX cryptocurrency exchange cut more than $100 billion from BTC in four days from November 6 to 10, 2022.
However, BTC has since fully recovered and has accumulated an additional $65 billion on top of its November 6 market cap of $408 billion to overtake the payment processing giant.
VIOLATION: #Bitcoin market cap is now worth more than Visa‼️#BTC #Crypto #CryptoNews #cryptocurrency #cryptomarket pic.twitter.com/rZrLufkwLj
— Ajay (All in Hindi) (@EverythingAjay) February 19, 2023
It should be noted that given the small difference in market capitalization between BTC and Visa, they are currently outperforming each other by the hour.
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As for BTC’s impressive start in 2023, its third Visa “coup” came amid 14 consecutive days of price increases between January 4 and 17.
BTC is also well ahead of the second largest payment processing network, Mastercard, which currently has a market capitalization of $345.24 billion. according to at Google Finance.
#Bitcoin Strategy is a winning strategy. pic.twitter.com/AR9R1Dxj5G
— Michael Saylor⚡️ (@saylor) February 17, 2023
However, BTC is still down 63% from its all-time high of $69,044, which it reached on November 10, 2021.
Credit : cointelegraph.com