The price of Bitcoin (BTC), has risen by 48% since the start of the year. This has allowed its market value to surpass that of Visa.
CoinMarketCap reports that Bitcoin’s current price is $24,365. This makes it slightly less than Visa, which currently has a market capital of $469.87billion.
Companies Market Cap reports this as the third time Visa’s market capital has been “flipped” by Bitcoin, meaning that Bitcoin is now worth more than Visa.
It was late December 2020. This coincided with the first time BTC had reached $25,000 in value.
This was achieved during a price increase that saw BTC rise from $10,200 in Sept 2020 to $63,170 seven month later in April 2021. This price rise lasted seven months.
BTC took Visa’s lead for a brief period on October 1. Then, the payments company was able take back their market position. Between June 2022 and October 2022 Visa regained their lead.
This advantage was extended further when, between November 6-10, 2022, the failure to operate cryptocurrency exchange FTX saw BTC lose more than $100 Billion in four days.
BTC’s market value of $408billion as of November 6 has increased by $65billion since then. This has allowed it surpass the payment processing giant.
The relatively small gap in their respective market capitals means that Bitcoin and Visa trade places on an hourly rate. This should be taken into account.
The remarkable start Bitcoin made in 2023 was due to its third “flipping”, Visa, which occurred after a period of 14 consecutive days during which Bitcoin’s price rose. This ran from January 4 to January 17.
Google Finance has revealed that Mastercard is the second largest payment processing network worldwide, with a market capitalization of $345.24 million. BTC is a clear winner over Mastercard.
Bitcoin trades at 63% discount to its record high of $69,000.44 on November 10, 2021.