Bitcoin (BTC) had a phenomenal start to 2023: BTC’s price surge pushed its market capitalization to $470 billion. This resulted in Bitcoin surpassing Visa is market cap for the third year in a row.
A Dream Year After 2022
After the collapse of the Bitcoin market in 2022, 2023 was a pleasant surprise. Bitcoin (BTC) experienced its own volatility at the beginning of the new year. Bitcoin’s market value, which has increased by 48 percent since the beginning of 2023, has also increased significantly.
Bitcoin (BTC) Outperformed Visa
Bitcoin’s price increase pushed its market capitalization to $470 billion. However, this value also surpassed the market value of financial services giant Visa. Visa surpassed Bitcoin with a market capitalization of $469 billion.
However, this is not the first time this has happened. Bitcoin’s market capitalization surpassed Visa’s market capitalization for the third time.
However, Bitcoin surpassed Visa for the first time in December 2020, when the Bitcoin price was $25,000. In September 2020, Bitcoin’s market capitalization surpassed Visa, rising from $10,200 to $63,170 in just seven months.
FTX’s decline in November 2022 ended that lead. As is well documented, FTX lost $6 billion on November 10 and November 100.
At that point, Bitcoin’s total market capitalization was $408 billion. Since then, Bitcoin has gained another $65 billion, overtaking Visa again.
Considering the modest $1 billion difference between Bitcoin and Visa, it is also important to note that both have outperformed the other in different time periods.
According to Google Finance data, Mastercard ranks third when comparing Bitcoin’s market capitalization to Mastercard’s. Mastercard’s current market capitalization is $345.24 billion.
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