Last year, the fall of FTX reduced the market value of Bitcoin by $100 billion in just four days, but BTC has since fully recovered and added another $65 billion.
The market capitalization of Bitcoin (BTC) has once more surpassed that of the industry heavyweight Visa thanks to a 48% price increase since the year's beginning.
The market valuation of Bitcoin, which is presently $24,365, is $470.16 billion, just slightly more than that of Visa, which is $469.87 billion. BTC has "flipped" the market capitalization of Visa three times.
The first occurrence happened in late December 2020, which also happened to be the first time BTC reached $25,000. This was accomplished over a period of price growth, during which BTC rose from $10,200 in September 2020 to $63,170 in April 2021, a span of seven months.
From June and October 2022, Visa regained the lead. On October 1st, Bitcoin briefly overtook Visa before the payments company retook the lead.
This advantage was increased after the collapse of the cryptocurrency exchange FTX reduced the value of the BTC by more than $100 billion in just four days, from November 6–10, 2022.
But since then, BTC has fully recovered and added an extra $65 billion to its $408 billion market valuation as of November 6 to surpass the industry titan in terms of payment processing.
It's important to keep in mind that Bitcoin and Visa are now trading hourly against one another due to the minimal market size differential between the two.
With BTC's strong start to 2023, its third "flippening" of Visa followed 14 straight days of price gains from January 4 to 17.
BTC is also far ahead of Mastercard, the second-largest payment processing network, which has a market worth of $345.24 billion right now. each hour.
BTC is still, however, down 63% from the $69,044 high it hit on November 10, 2021, when it reached its all-time high price.