Bitcoin, the world’s first cryptocurrency, gained 15% in the past week to trade at US$24,885 and 7 p.m. in Hong Kong, surpassing payments giant Visa in market capitalization for the third time in history.
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- Bitcoin’s US$479 billion market capitalization currently sits around US$10 billion above Visa’s US$469 billion market cap, making it the 11th largest asset in the world, according to Companies Market Cap data.
- Visa shares dipped 1.01% during the day to trade at US$223.56, according to data from Yahoo Finance.
- The development comes days after Bitcoin printed its first weekly “death cross” as it briefly climbed above US$25,000 for the first time since August 2021, following a record January for the world’s first cryptocurrency.
- The first time Bitcoin flipped Visa in market cap was in December 2020, when BTC prices exceeded US$25,000 for the first time.
- Bitcoin’s market cap is also around US$135 billion larger than Mastercard’s US$344 billion market cap, which is the second-largest payment-processing corporation worldwide.
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