Bitcoin, the world’s most influential crypto has eclipsed Visa and Mastercard, two of the biggest competitors in the payment processing industry.
According to data from coinmarketcap, BTC’s market cap has reached $480 billion, while Visa and Mastercard’s market caps stood at $460 billion and $345 billion respectively.
Overall, the crypto market showed an increase of more than $80 billion in the third quarter of February, despite the recent crackdown by the U.S. Securities and Exchange Commission [SEC].
After a difficult first and second quarter, crypto markets showed signs of a bullish run and gaining momentum, shrugging off any obstacles or bad news including Bitcoin.
The king coin had an impressive debut in 2023 with an over 51% rally. In addition, its third “flippening” of Visa followed 14 days of price rises between January 4 and January 17.
As reported previously by TronWeekly, for the second time in a row, Bitcoin rose above the $24k mark. It surged to a 6-month high defying the traders’ gloomy outlook.
With the market entering the second half of February, BTC gained tremendous traction after numerous users and investors shifted their investments from other altcoins and into the crypto beast.
This is demonstrated by the data from the previous week, which showed that the asset increased by over 11% dominating the trading charts as users exchanged other cryptocurrencies into BTC in response to SEC restrictions.
Here’s How Bitcoin Will Reach $30000
One analyst even forecasted that the leading cryptocurrency would reach $30k in the next weeks.
Bitcoin’s latest support level is $23,000, according to Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, and the coming week is crucial if BTC is to reach $30,000.
“It was critical for Bitcoin to reclaim $23,000 if we were to see more upside action,” he said in an interview. “With February coming to an end, another bullish monthly close may be what the market needs for Bitcoin to test $30,000.”
Furthermore, DiPasquale believes that the market will likely consolidate, if not rise, in the near future, with little room for decline.
At the time of writing this article, BTC was valued at $24,926, with a marginal increase in the past 24 hours. The dominant crypto’s market capitalization stood at $480 billion.
