Bitcoin's value has increased by 48 percent since the beginning of the year, leading to a rise in its market capitalisation to overtake that of Visa, a major payment processing company.
Currently, Bitcoin's market capitalisation is $470.16 billion, just slightly higher than Visa's market capitalization of $469.87 billion.
According to Companies Market Cap, Bitcoin has overtaken Visa's market capitalisation for the third time. The first time this happened was in December 2020, when Bitcoin reached $25,000 for the first time during a period of significant price growth, from $10,200 in September 2020 to $63,170 in April 2021.
Visa's market capitalisation exceeded Bitcoin's between June and October 2022, but on October 1st, Bitcoin briefly surpassed Visa again before Visa regained its lead. The lead between Bitcoin's market capitalisation and Visa's widened after the FTX crypto exchange collapsed, which caused Bitcoin to lose over $100 billion in value over four days in November 2022.
But since then, Bitcoin has fully recovered and added $65 billion on top of its market capitalisation of $408 billion on November 6, which allowed it to overtake Visa once again. It's important to note that the market capitalisation difference between Bitcoin and Visa is small, so they are currently frequently overtaking each other by the hour.
Bitcoin has had a remarkable start to 2023 and has surpassed Visa's market capitalisation for the third time. This was due to a 14-day period of continuous price increases between January 4th and 17th.
Bitcoin is currently ahead of Mastercard, the second-largest payment processing network, which has a market capitalization of $345.24 billion, according to Google Finance.
However, Bitcoin's value is still 63 percent lower than its all-time high of $69,044, which it reached on November 10th, 2021.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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