The extremely bullish rally of Bitcoin has helped the primary cryptocurrency to overtake the global payments behemoth Visa in terms of market capitalization. Bitcoin has outshined the American multinational financial services company by market value and has become the 11th largest asset in the world. Now both of the world’s leading payment processors Visa and MasterCard have a lower market capitalization than that of the world’s largest digital currency Bitcoin.
A few hours ago, the price value of the top-ranked digital currency surged above the bullish price mark of $27,000 and registered a new all-time high. It even touched the figure of $28,000 and went as high as to hit $28,288 which is the new highest value of the coin. Bitcoin’s price, however, traded above this price level only for a shorter period of time and it immediately crashed by more than $500 within the duration of a few minutes.
However, this potential bullish rally of Bitcoin helped the coin to outshine the financial services firm Visa in terms of market cap. The market cap of BTC has surged above $500 billion which is a great milestone for the coin. Now, Bitcoin’s market cap is higher than that of Visa. As per data from Asset Dash, the market cap of Visa (V) is standing at around $459 billion at the press time. While on the other hand, Bitcoin’s market cap is holding at around $508 billion at the time of writing.
Currently standing at the 11th spot, the leading digital currency is now aiming for the tenth spot. In order to make its place in the list of the top assets in the world, Bitcoin will have to surpass the American multinational conglomerate Berkshire Hathaway B in terms of market cap. BTC only needs less than $30 billion in market cap to overtake this firm.
Prior to this, Bitcoin has already outshined various major financial firms including MasterCard and JP Morgan Chase. The online payment giant PayPal, Bank Of America, the famous medical device company Johnson & Johnson, and the American multinational retail corporation Walmart also have lower market caps than that of Bitcoin.