Bitcoin has once again surpassed Visa in market capitalization, cementing its place as one of the world's most valuable digital assets
This milestone marks a significant achievement for cryptocurrency, which has seen its value skyrocket in recent years
The rise of Bitcoin has been nothing short of remarkable. From its humble beginnings as a fringe asset, it has now become a major player in the global financial system
As more people become aware of the potential of digital currencies, the demand for Bitcoin has increased, driving up its value. This has enabled it to overtake Visa in market capitalization, a feat that was once thought to be impossible.
Bitcoin's value has skyrocketed by 48% since the start of the year, propelling its market capitalization to overtake that of Visa, a major payment processing company. Currently, Bitcoin's market capitalization stands at $470.16 billion, just slightly higher than Visa's market capitalization of $469.87 billion.
According to Companies Market Cap, this is the third time Bitcoin has surpassed Visa's market capitalization. The first time this occurred was in December 2020, when Bitcoin reached a record-breaking $25,000 amid a period of tremendous price growth, from $10,200 in September 2020 to $63,170 in April 2021.
Visa's market capitalization exceeded Bitcoin's between June and October 2022, but on October 1st, Bitcoin briefly regained the lead before Visa regained its lead. The gap between Bitcoin's market capitalization and Visa's widened after the FTX crypto exchange collapsed, causing Bitcoin to lose over $100 billion in value over four days in November 2022.
Since the beginning of the year, Bitcoin has been on a remarkable run, overtaking Visa's market capitalisation for the third time. This surge was driven by a 14-day period of continuous price increases between January 4th and 17th, which saw Bitcoin add an impressive $65 billion to its market capitalisation of $408 billion on November 6.
It is worth noting that the difference in market capitalisation between Bitcoin and Visa is relatively small, meaning that they are frequently overtaking each other on an hourly basis.
Bitcoin is currently ahead of Mastercard, the second-largest payment processing network, with a market capitalization of $345.24 billion, according to Google Finance. Despite this, Bitcoin's value is still 63 percent lower than its all-time high of $69,044, which it achieved on November 10th, 2021.
This remarkable milestone demonstrates the immense potential of Bitcoin as a digital asset, and its ability to challenge traditional payment networks.
Also, Read - Hong Kong to Introduce New Crypto Licensing Regime
