Bitcoin (BTC), the biggest cryptocurrency, overtook Visa to become the eleventh-largest asset by market capitalization. Last year, the fall of FTX reduced the market value of BTC by $100 billion in just four days, but BTC has since fully recovered and added another $65 billion.
Bitcoin Beats Visa for the 3rd Time by Market Cap
Since the beginning of 2023, the price of BTC has climbed by more than 48%. At the time of the article written on February 20, 2023, BTC is trading at $24,875 with a market capitalization of $480 billion. Visa‘s market cap is $469.87 billion.
According to data from CoinMarketCap, BTC has beaten Visa three times so far. The first instance took place in late December 2020, which also marked the first time BTC’s price crossed the $25,000 threshold. BTC then increased to $63,175 in April 2021. Yet between June and October 2022, the financial services company reclaimed the top spot. However, on October 1, 2022, BTC briefly surpassed the dominant payment system.
About BTC Entering a Bull Market
Between November and December 2022, BTC lost $100 billion due to the bankruptcy of the cryptocurrency exchange FTX. The global cryptocurrency market has since made numerous attempts to exit its protracted bear market.
With the eighth straight week of a green candle between December 26, 2022, and February 19, 2023, BTC is back on track. Moreover, BTC increased by over 12% in a week and 8% in a month, and it currently holds a 42% market share.
