Last year, the fall of FTX reduced the market value of Bitcoin by $100 billion in just four days, but since then BTC has fully recovered and added another $65 billion to its cap. As a result, the market capitalization of Bitcoin has once more surpassed that of the world’s largest payment giant, Visa and thus leading the ecosystem by a 48% rise in price since the beginning of the year
According to the reports of CoinMarketCap, the current price of BTC is $24,365 whereas its market cap stands at $470.16 Billion which is marginally greater than that of Visa which stands at $469.89 Billion. Thus, it’s the third in a row that BTC has “flipped” the market capitalization of Visa.
The first occurrence happened in late December 2020, which also happened to be the first time Bitcoin reached $25,000. This was accomplished over a period of price growth, during which BTC rose from $10,200 in September 2020 to $63,170 in April 2021, a span of seven months. From June and October 2022, Visa regained the lead. On October 1st, Bitcoin briefly overtook Visa before the payments giant retook the lead. However, the collapse of the FTX crypto exchange leads to a reduction in the value of BTC by more than $100 Billion in just four days in the first week of November 2022.
But since then, Bitcoin has fully recovered and added an extra $65 billion to its $408 billion market valuation as of November 6 to surpass the industry titan in terms of payment processing. With BTC’s strong start to 2023, its third “flipping” of Visa followed 14 straight days of price gains from January 4 to 17.
Bitcoin is also far ahead of MasterCard, the second-largest payment processing network, which, according to Google Finance, has a market worth of $345.24 billion right now.
BTC is still down 63% from its all-time high, which it hit on November 10, 2021, of $69,044.
