In the last twenty-four hours, the price of a bitcoin has increased by 7.18%, and it is currently selling for over $25,909.
Bitcoin (BTC) has managed to increase its market valuation, reaching a point where it has surpassed that of the giant tech Meta.
This occurred despite the recent failure of the three ‘S’ banks. Data from Companies Market Cap reveals that Bitcoin’s market valuation has reached $472.36 billion since this article was published.
This indicates that its market valuation has now exceeded the market cap of Meta, which was $469 billion, moving it up to the 11th position on the list of assets ranked by market cap.
It is also significant to consider that just 24 hours ago, the market capitalization of BTC was roughly $37 billion lower than Meta’s current market capitalization.
Despite this, the cryptocurrency asset has seen a gain of 9.65% in the past day, placing it just below the electric vehicle manufacturer Tesla Inc.
Bitcoin, a Bigger Brand than Visa
On February 20, the total market capitalization of Bitcoin (BTC) overtook that of the payment processing behemoth Visa for only the third time in the history of the cryptocurrency. It had just enough of an advantage over the payments company at the moment to put it in front.
Nevertheless, as of right now, Bitcoin has widened that gap, with a market worth that is at least $20 billion higher than that of Visa Inc.
Bitcoin’s market value has been on an upward trend recently, but it is still far behind the top-log leaders.
Gold is currently in first place with a market cap of $12.637 trillion, while Apple is in second place with a market valuation of $2.380 trillion. The current market cap for gold is $12.637 trillion.
It is interesting to note that Bitcoin’s market cap is not the only aspect of the flagship cryptocurrency that is now exhibiting signs of improvement.
According to data provided by CoinMarketCap, the price of bitcoin has increased by 7.18% over the previous twenty-four hours and is currently trading at $25,909.
It’s important to remember that Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank failed in the past week.
Since these financial institutions were significant crypto investors, the fall of these institutions first created fears in the markets.
Even if famous stablecoins also de-pegged, the cryptocurrency market as a whole plummeted. Fears of another financial catastrophe on par with the one that occurred in 2008 have, however, been allayed thanks to the prompt action of regulators.