Bitcoin market cap flips payments giant Visa for the third time

A 48% price increase for Bitcoin (BTC) since the beginning of the year has once again propelled BTC’s market cap above that of payments processing giant Visa.

With BTC currently priced at $24,365, its market cap of $470.16 billion is now slightly higher than Visa, which has a market cap of $469.87 billion, according to CoinMarketCap.

BTC has “flipped” Visa again. Source: CoinMarketCap.

This is the third time BTC has “flipped” Visa’s market cap, according to Companies Market Cap.

The first time came in late December 2020, when BTC happened to hit $25,000 for the first time as well. This was achieved during a price spike that saw BTC surge from $10,200 in September 2020 to $63,170 seven months later in April 2021.

Visa took the lead again between June and October 2022, after which BTC overtook Visa for a very brief moment on October 1 before the payments company retook the lead.

That lead was increased when the collapse of cryptocurrency exchange FTX shed over $100 billion from BTC in four days between November 6th and 10th, 2022.

Since then, however, BTC has fully recovered, amassing another $65 billion on top of its Nov. 6 market cap of $408 billion to overtake the payments processing giant.

BREAK: #Bitcoin Market cap is now worth more than Visa ‼️#BTC #crypto #CryptoNews #cryptocurrency #cryptomarket pic.twitter.com/rZrLufkwLj

— Ajay (everything Hindi) (@EverythingAjay) February 19, 2023

It should be noted that the two are currently flipping every hour given the small difference in market cap between BTC and Visa.

Related: What is the Lightning Network in Bitcoin and how does it work?

As for BTC’s impressive start to 2023, its third “flip” from Visa came after 14 straight days of price increases between January 4th and 17th.

BTC is also well ahead of the second largest payments processing network, Mastercard, which currently has a market cap of $345.24 billion, according to Google Finance.