While the FTX crash wiped $100 billion off BTC's market capitalization in just four days last year, BTC has managed to fully recover and add $65 billion. 48% Bitcoin The price surge since the start of the year has seen BTC once again surpass payment processing giant Visa in market capitalization.At a current price of $24,365, BTC has a market cap of $470.16 billion, slightly ahead of Visa's $469.87 billion, according to CoinMarketCap. According to Companies Market Cap, this is the third time BTC has “disrupted” Visa’s market cap.
The first time it happened was in late December 2020, when BTC also happened to touch $25,000 for the first time. This was achieved during a price surge when BTC rose from $10,200 in September 2020 to $63,170 seven months later in April 2021.
Visa regained the lead between June 2022 and October 2022, before BTC overtook Visa for a very brief moment on October 1, before the payments company regained the lead.
That lead was further extended when the collapse of cryptocurrency exchange FTX slashed more than $100 billion from BTC over a four-day period between November 6 and 10, 2022.
Since then, however, BTC has fully recovered and added another $65 billion to its Nov. 6 market capitalization of $408 billion to overtake the payment processing giant. It’s worth noting that given the small market capitalization difference between BTC and Visa, the two are currently flipping each other on an hourly basis. As for BTC’s impressive start to 2023, its third “flip” of Visa comes after a 14-day streak of price increases from Jan. 4-17.
BTC is also well ahead of the second-largest payment processing network, Mastercard, which currently has a market cap of $345.24 billion, according to Google Finance. However, BTC is still down 63% from its all-time high of $69,044 reached on November 10, 2021.
