- Bitcoin (BTC) becomes the 11th largest asset by market cap.
- BTC has a $2 billion market capitalization over Visa.
The largest cryptocurrency “Bitcoin (BTC) overtook Visa” to rank as the eleventh-largest asset by market capitalization. The price of BTC has increased by over 48% since the start of 2023. At the time of writing, Bitcoin traded at $24,486 with a market capitalization of $472 billion, slightly more than the American multinational financial services corporation Visa’s market cap of $469.87 billion.
According to CoinMarketCap data, “BTC has flipped” the market capitalization of Visa for the third time. The first occurrence happened in late December 2020, which also happened to be the first time BTC reached the $25,000 price range. Following that, BTC rose to $63,175 in April 2021. But Visa regained the lead from June and October 2022. However, on October 1st, 2022, Bitcoin briefly overtook the payment giant Visa.
Bitcoin Enters Bull Market
The crypto exchange FTX collapse led Bitcoin to lose $100 billion between November and December 2022. Following that global crypto market has tried many ways to recover from its prolonged bear market. As the leading digital asset, Bitcoin is back on track with the 8th consecutive week in the green candle between December 26th, 2022, to February 19th, 2023. Additionally, BTC surged over 12% in a week and 8% in a month and has a market dominance of 42%.
However, Bitcoin also outshined the second-largest payment processing company Mastercard by market capitalization. BTC is significantly above Mastercard, which has a market worth of $345.24 billion. Further, the king of cryptocurrency is up then the leading American multinational financial services company, JPMorgan Chase & Co.
At the time of writing, Bitcoin has a 24-hour trading volume of $28 billion, which increased by around 55%. But still, BTC is down by 64% from its all-time high of $68,789, which was recorded on November 10, 2022.