Despite the crash of FTX reducing BTC’s market capitalization by $100 billion in only four days last year, BTC has completely recovered and added an additional $65 billion.
Since the beginning of the year, a 48% increase in Bitcoin’s price has pushed its market capitalization over that of payment processing major Visa.
According to CoinMarketCap, Bitcoin’s market capitalization of $470.16 billion is now slightly more than Visa’s market capitalization of $469.87 billion.
The first occasion took place in late December 2020, when Bitcoin also reached $25,000 for the first time. This was accomplished amid a price rise that saw BTC increase from $10,200 in September 2020 to $63,170 in April 2021, seven months later.
Visa retook the lead from June and October 2022, after which BTC briefly surpassed Visa on October 1 until the payments firm retook the lead.
Over the four-day period of November 6-10, 2022, the collapse of cryptocurrency exchange FTX took approximately $100 billion off the BTC.
Since then, Bitcoin has completely rebounded and added $65 billion to its market capitalization on November 6 to surpass the payment processing giant.
Given the minor difference in market capitalization between Bitcoin and Visa, it should be noted that the two are now trading against one other hourly.
With BTC’s excellent start to 2023, its third “flip” of Visa occurred after 14 straight days of price gains between January 4 and January 17.
According to Google Finance, Bitcoin is also considerably ahead of Mastercard, the second biggest payment processing network, which has a current market capitalization of $345.24 billion.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.