UpdatesFeb 21, 2023

Bitcoin (BTC) overtook Visa again in terms of market capitalization

The value of the oldest cryptocurrency has increased significantly during the current year.

Bitcoin has again overtaken payment giant Visa in terms of market capitalization. Although the collapse of the FTX cryptocurrency exchange pushed the BTC price to around $16,000 per coin, the aforementioned digital currency began to regain its value. From the January low to the current levels, its price has increased by over 50%.

Bitcoin overtook Visa again in terms of market capitalization

Last year was extremely harsh for the entire cryptocurrency market. After many negative events - the famous collapse of the Terra ecosystem (LUNA), bankruptcies of well-known cryptocurrency lenders (Celsius), or the collapse of the FTX exchange, the Bitcoin price dropped to around $16,000.

Although the negative sentiment among BTC investors persisted in January this year, gradually the price of this digital currency began to increase. It is now trading above the $24,800 line per coin, which is over a 50% increase in value.

At the current price of Bitcoin, its market capitalization is over USD 479 billion, which slightly exceeds the market capitalization of payment giant Visa. Previously, the oldest of the cryptocurrencies overtook this company for the first time in December 2020.

Visa, on the other hand, again took the lead over BTC in terms of market capitalization between June and October 2022, only to be briefly overtaken on October 1 last year and once again rise above the leading digital currency.

The payment giant's advantage over Bitcoin was strongly reinforced after the collapse of the FTX derivatives exchange. Then, in just a few days, the BTC market capitalization decreased by over $100 billion.

The current situation on the BTC chart

Although Bitcoin shot up strongly during this year, at the current level from the price ATH recorded in November 2021, it is over 63%. In the last 7 days, its exchange rate fluctuated between USD 21.4 thousand and USD 25.1 thousand.

In the opinion of Mike Novogratz, who heads Galaxy Digital, this cryptocurrency may reach around $ 30,000 during this quarter. To achieve this goal, the BTC rate would have to increase by just over 20%. Currently, we can observe greed among Bitcoin investors.