While the FTX crash reduced BTC’s market cap by $100 billion in four days last year, BTC managed to fully recover and collect $65 billion.
The surge in price since the start of the year has once again pushed BTC’s market cap past payments giant Visa.
According to CoinMarketCap, BTC has a market cap of $470.16 billion at $24,365, slightly higher than Visa, which has a market cap of $469.87 billion.
According to the company’s market cap, this is the third time VTR has reversed its market cap.
This first happened in late December 2020, when BTC also reached $25,000 for the first time. This was achieved during a price rally that saw BTC rise from $10,200 in September 2020 to $63,170 in April 2021, seven months later.
Visa held the lead between June and October 2022, when BTC overtook Visa for a brief moment on October 1 before the payments company took the lead.
This lead was extended after the FTX cryptocurrency exchange separated more than $100 billion from BTC in the four days between November 6 and 10, 2022.
Since then, however, BTC has fully recovered, amassing $65 billion to surpass the payments processing giant’s Nov. 6 peak market cap of $408 billion.
It should be noted that due to the slight difference in market cap between BTC and Visa both are currently flopping hourly.
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As for BTC’s impressive start to 2023, its third Visa “flip” came on the back of 4 consecutive days of price gains between January 4th and 17th.
According to Google Finance, BTC is also ahead of the second-largest payment processing network, MasterCard, which has a market cap of $345.24 billion.
However, BTC is down 63% from its all-time high of $69,044 reached on November 10, 2021.