Bitcoin Knocks Out Meta and Leaves Visa
Bitcoin Knocks Out Meta and hence BTC’s market capitalization climbed to 11th place among the top investments by market capitalization, behind electric car maker Tesla.
Despite a week of crypto turmoil following the demise of Silicon Valley Bank (SVB) and signatory banks, the market cap of Bitcoin (BTC) overtook the market cap of giant tech Meta.
At the time of writing, according to company market capitalization data, Bitcoin’s market cap has reached $471.86 billion, surpassing Metas’ $469 billion.
Company Market Cap provides real-time market cap monitoring and rankings for cryptocurrencies, listed companies, precious metals, and exchange-traded funds.
Just 24 hours ago, BTC’s market cap fell nearly $37 billion below Meta’s $433.49 billion.
However, Bitcoin’s market cap has grown 9.7% over the past 24 hours, placing the cryptocurrency 11th among the top assets by market cap, just behind electric car maker Tesla.
On February 20, Cointelegraph reported that BTC had reversed the market cap of payment processing giant Visa for the third time in history, slightly ahead of the payments firm.
The difference between the two market caps is now over $20 billion, but gold ranks first with a market cap of $12.59 trillion, followed by Apple with a market cap of $2.38 trillion.
BTC price is up 8.72% in the last 24 hours to $24,441.
The market capitalization of Bitcoin, the world’s largest cryptocurrency, has surpassed that of Facebook’s parent company Meta, making it the sixth most valuable company by market cap.
Bitcoin’s market cap hit a high of over $1.2 trillion, while Meta’s was around $1 trillion. The cryptocurrency’s surge is being attributed to a range of factors, including institutional adoption and concerns over inflation.
The flip in market cap underscores Bitcoin’s growing mainstream acceptance as more companies and investors begin to see the cryptocurrency as a legitimate investment vehicle. This has increased the demand for Bitcoin, driving its price higher.
At the same time, the gap between Bitcoin and traditional financial companies such as Visa has widened significantly. Visa’s market cap is currently around $496 billion, less than half of Bitcoin’s. This indicates a shift in investor sentiment towards digital currencies and away from traditional financial instruments.
Bitcoin’s rising market cap has also sparked renewed interest in other cryptocurrencies, such as Ethereum and Solana.
Ethereum, the second largest cryptocurrency by market cap, has already surpassed Visa in terms of market cap and is closing in on Meta. Solana, a relatively new cryptocurrency, has also seen a surge in value, with its market cap reaching $73 billion.
Some analysts predict that the cryptocurrency market may continue to outperform traditional financial markets in the coming years as more investors seek exposure to digital assets.
However, others caution that the volatility and regulatory uncertainty surrounding cryptocurrencies could lead to significant losses for investors.
Bitcoin’s rising market cap underscores the growing mainstream acceptance of digital currencies and highlights the potential for these new assets to disrupt traditional financial markets.
As cryptocurrencies continue to gain momentum, it will be interesting to see how traditional financial players respond and whether they will embrace or resist the rise of digital assets.