Feb 20, 2023
BTC Flippens Visa Again with 48% Price Surge
The Bitcoin (BTC) price has surged 48% since the start of the year, pushing its market capitalization past that of payment processing giant Visa.
At the time of writing, BTC is trading at $24,365, with a market cap of $470.16 billion, marginally higher than Visa’s market cap of $469.87 billion, according to CoinMarketCap. This is the third time that BTC has “flippened” Visa, according to Companies Market Cap.
The first time this happened was in late December 2020, when BTC hit $25,000 for the first time. This was during a price surge that saw BTC rally from $10,200 in September 2020 to $63,170 seven months later, in April 2021.
Visa re-took the lead between June and October 2022, with BTC briefly surpassing the payments company on Oct. 1 before Visa recaptured the lead again.
A $100 billion drop in BTC’s market cap, due to the collapse of cryptocurrency exchange FTX between Nov. 6-10, 2022, widened the gap between the two. However, BTC has since recovered and added an additional $65 billion to its market cap, allowing it to overtake Visa.
The third “flippening” of Visa came on the back of 14 consecutive days of price increases between Jan. 4-17. BTC is well ahead of the second largest payment processing network, Mastercard, which has a market cap of $345.24 billion, according to Google Finance.
The current BTC price is still down 63% from its all-time high of $69,044, which it reached on Nov. 10, 2021.
As BTC continues to rise in prominence, more and more businesses are turning to the cryptocurrency for their financial needs. NFTs are becoming increasingly popular as a way to promote and sell digital products, and the use of crypto and web3 technologies is on the rise.
Twitter, for example, recently announced the launch of its own NFT marketplace, allowing users to buy and sell digital assets such as artwork, music, and videos.
More and more businesses are also turning to NFT marketing agencies to help them promote their products and services. These agencies specialize in creating and executing customized NFT campaigns, leveraging the power of web3 technologies to reach a wider audience.
The rise of crypto and web3 technologies is also making it easier for businesses to sell NFTs. Companies are now able to accept payments in crypto, allowing them to tap into a larger market and reach a more diverse range of customers.
As the web3 space continues to grow, it is likely that more businesses will turn to crypto and NFTs to promote and sell their products and services.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
