Bitcoin vs. Visa: The Ongoing Duel
Since the start of 2023, Bitcoin (BTC) has pulled off a feat that would make any financial strategist’s head spin: a staggering 48% price surge. Currently priced at $24,365, BTC’s market cap has soared to approximately $470.16 billion, just barely edging out the payment titan, Visa, which sits at a market cap of $469.87 billion.
The Flippening Chronicles
Ah, the infamous “flippening”—a term embraced by cryptocurrency enthusiasts with gusto. For the third time, Bitcoin has managed to flip Visa’s market cap. In late December 2020, during its first historic performance, BTC hit the sweet $25,000 mark after a spectacular rise from $10,200 in September 2020. Fast forward to today; it seems history loves to repeat itself, albeit with slightly different numbers!
A Rocky Relationship
Let’s not forget the tumultuous road BTC has traveled. After reclaiming its market cap prowess in early 2023, Bitcoin faced a slight hiccup when Visa temporarily took back the lead between June and October 2022. A dramatic drop occurred post-FTX collapse, which absconded with over $100 billion from the crypto market in just four days. Ouch!
Climbing Back Up
But like the fearless warrior it is, Bitcoin rallied back. It added a comfortable $65 billion to its market cap since that fateful day in November 2022. Now, with a healthy lead over Mastercard’s $345.24 billion, BTC is reclaiming its place in the financial limelight.
More Than Just Numbers
It’s worth noting that even with this marginal lead, BTC and Visa are dancing on a tightrope, flipping each other’s market position as if this were an Olympic sport. Pretty exciting, right? Talk about high stakes!
A Look Ahead
As Bitcoin starts 2023 on such a strong foot, we can’t help but wonder what lies ahead. Sure, it’s down about 63% from its zenith of $69,044 on November 10, 2021, but who’s counting? Let’s just say the future may hold a couple more twists in this ongoing show.
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