Bitcoin’s market capitalization has surpassed that of Visa, the payment processing giant, once again due to a 48% price surge since the beginning of the year.
As of now, Bitcoin’s market capitalization stands at $470.16 billion due to a 48% surge in price since the start of the year, slightly surpassing the market cap of payment processing company Visa, which currently stands at $469.87 billion, according to CoinMarketCap.
Bitcoin is currently the 11th largest asset in the world by market capitalization.
According to Companies Market Cap, this marks the third time that BTC’s market cap has surpassed that of Visa, a phenomenon known as “flippening.”
In late December 2020, BTC achieved a market cap higher than Visa for the first time, coinciding with its first-time reaching $25,000. This milestone was reached after BTC surged from $10,200 in September 2020 to $63,170 in April 2021.
Between June and October 2022, Visa once again took the lead in market cap. However, on October 1, 2022, BTC briefly surpassed Visa before the payment processing company regained the lead.
During the period between Nov. 6-10, 2022, the market capitalization of BTC decreased by over $100 billion following the collapse of the cryptocurrency exchange FTX.
BTC’s market capitalization has fully recovered since the collapse of cryptocurrency exchange FTX, and has since added $65 billion to its market cap of $408 billion on Nov. 6, surpassing that of Visa.
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An important point to note is that the market cap of BTC and Visa is so close that they are currently flipping each other on an hourly basis.
BTC’s market cap surpassing that of Visa for the third time came after a two-week streak of price increases between Jan. 4-17 in 2023.
According to Google Finance, BTC’s market cap of $470.16 billion puts it well ahead of the second largest payment processing network, Mastercard, which currently has a market cap of $345.24 billion.
The #Bitcoin Strategy is the Winning Strategy. pic.twitter.com/AR9R1Dxj5G
— Michael Saylor⚡️ (@saylor) February 17, 2023
BTC’s current price of $24,365 is a significant drop from its all-time high of $69,044, which was achieved on Nov. 10, 2021. As of now, BTC is down 63% from this peak.
Bitcoin continues to be one of the most volatile cryptocurrencies in terms of price fluctuations but remains one of the most popular investments among crypto enthusiasts who believe in its long-term potential as a store-of-value asset and medium-of-exchange currency.