While the FTX crash removed $100 billion from the BTC market in just four days last year, BTC has fully recovered and amassed another $65 billion.
A 48% Bitcoin
BTC
tickers below
$23,378
The surge in price since the beginning of the year has pushed the BTC market away from the payment processor Visa once again.
With the current price of BTC at $24,365, the $470.16 billion market cap is now higher than Visa, which has a market cap of $469.87 billion, according to CoinMarketCap.
This is the third time that BTC has “revolutionised” the Visa market, according to Companies Market Cap.
The first came in late December 2020, when BTC also hit $25,000 for the first time. This was achieved during a surge in inflation that saw BTC rise from $10,200 in September 2020 to $63,170 seven months later, in April 2021.
Visa regained the lead between June and October 2022, after which BTC briefly overtook Visa on October 1st before the payments company regained the lead.
This lead is compounded by the collapse of cryptocurrency exchange FTX when it siphoned more than $100 billion from BTC in four days between November 6-10, 2022.
Since then, however, BTC has fully recovered and piled another $65 billion above its November 6 market cap of $408 billion more than the payments giant.
It’s worth noting that given the small difference in market share between BTC and Visa, both currently fluctuate hourly.
Related: What is the Lightning Network in Bitcoin, and how does it work?
As a good starting point for BTC of 2023, the third Visa “float” comes at the end of 14 consecutive days of price increases between January 4-17.
BTC is also ahead of the second-largest payment processing platform Mastercard, which currently has a market capitalization of $345.24 billion, according to Google Finance.
However, BTC is still down 63% from the $69,044 reached on November 10, 2021.
