Despite shedding more than $100 billion due to the FTX collapse, Bitcoin (BTC) has again shown its strength for recovery as its overall market capitalization has surpassed payment processing giant Visa for the third time as per a report.
Bitcoin has recorded more than a 48% price surge since the beginning of 2023, thereby pushing the largest digital asset by market cap above that of Visa.
According to data from CoinMarketCap, BTC’s overall market capitalization is $470.16 which marginally surpassed Visa’s market cap of $469.87 billion at the time of filing this report.
While Bitcoin has spontaneously hit $25,000 in the last 24 hours, it is currently exchanging hands at $24,365 according to a CoinMarketCap update. Companies Market Cap reported that this is the third time in history that the Bitcoin market cap will surpass Visa.
Recall that the first time Bitcoin took over Visa was Dec. 2020 when the digital asset hit $25,000 for the first time. The intense rally by BTC started from $10,200 in Sept. 2020 to $63,170 in April 2021.
Meanwhile, Visa reclaimed the lead between June and Oct. 2022 due to the substantial price correction by the digital asset. While BTC partially reclaimed the lost ground, Visa promptly surpassed it again.
However, the gap between BTC and Visa was further widened by the collapse of the FTX exchange which negatively affected Bitcoin, shedding off over $100 billion from its market cap within four days.
Can Bitcoin Hold Sway?
Given the increasing volatility of Bitcoin (BTC) in recent times, there is a spate of scepticism if it will hold sway or not. This is often aggravated by the small difference in market cap between BTC and Visa.
It is noteworthy that some analysts have expressed the view that a $12,000 BTC price is still feasible despite the recent crypto pump.
On the contrary, Galaxy Digital Holdings CEO Mike Novogratz has expressed the bullish sentiment that Bitcoin will hit $30,000 in the meantime. Time will tell where the pendulum will swing.
