Amid the Price Rally, Bitcoin Surpasses the Market cap of Visa

December 26, 2020 4:08 PM UTC

The price of the largest cryptocurrency, Bitcoin, hit a new all-time high of $25,000, according to data from metrics site TradingView. Moreover, the total market cap of Bitcoin has surpassed that of Visa, the financial services giant, placing the cryptocurrency in 11th place among the world’s largest entities, as per AssetDash.

Based on the Asset Dash report, the Bitcoin market cap is hovering over $461.9 billion, much higher than that of Visa, the 12th largest asset in terms of market cap, which is valued at $459.9 billion on December 26.

According to crypto experts, the growing institutional demand is driving the Bitcoin Bull run. Institution players have been getting Bitcoin exposure through Grayscale and the CME Bitcoin futures market. As reported earlier, the US-based digital asset manager Grayscale now holds $16 billion worth of assets under management. While CME open interest consistently remains over $1 billion.

Bitcoin has Already Outperformed Giant Entities

Previously, Bitcoin surpassed Mastercard in terms of market capitalization. The rising capitalization increase of Bitcoin sent Mastercard, a giant payment firm, to the 17th spot as its market cap dropped by almost 0.6%, as per AssetDash tracking.

Bitcoin price keeps climbing up steadily. it could exceed more “adversaries.” It has already exceeded Nvidia, Walt Disney Company, Bank of America, Coca-Cola, and PayPal. At the time of reporting, Bitcoin is trading at $25,401.

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