The 48% rise in the price of Bitcoin (BTC) since the beginning of the year has once again placed the market capitalization of the main cryptocurrency above that of the payment processing giant, Visa.
With BTC currently priced at $24.365, its $470.16 billion market capitalization is now slightly higher than Visa’s, with a market capitalization of $469.87 billion, according to CoinMarketCap.
This is the third time that BTC has surpassed the market capitalization of Visa, according to Companies Market Cap.
The first time was at the end of December 2020, when BTC also reached USD 25,000 for the first time. This was accomplished during a price rally that saw BTC go from $10,200 in September 2020 to USD 63,170 seven months later, in April 2021.
Visa took the lead again between June and October 2022, which then saw BTC outperform Visa for a very brief moment on Oct. 1 before the payments company recaptured the lead again.
This advantage was amplified when the FTX cryptocurrency exchange collapse subtracted more than $100 billion from BTC’s market capitalization in four days, between November 6-10, 2022.
However, since then, BTC has fully recovered and added an additional $65 billion to its Nov. 6 market cap ($408 billion) to outperform the payment processing giant.
BREAKING: #Bitcoin market cap is now worth more than Visa ‼️#BTC #Crypto #CryptoNews #cryptocurrency #cryptomarket pic.twitter.com/rZrLufkwLj
— Ajay (everything Hindi) (@EverythingAjay) February 19, 2023
It should be noted that given the small difference in market capitalization between BTC and Visa, they are both outperforming each other on the hour.
As for BTC’s impressive start to 2023, its third Visa overtake came after 14 consecutive days on the rise between the 4th and the 17th of January.
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 Google Finance.
The #Bitcoin Strategy is the Winning Strategy. pic.twitter.com/AR9R1Dxj5G
—Michael Saylor⚡️ (@saylor) February 17, 2023
However, BTC is still 63% below its all-time high of USD 69,044, reached on November 10, 2021.
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