Bitcoin (BTC) Placed 11th on Market Cap Ahead of Meta Platforms

Bitcoin (BTC), the leading cryptocurrency is now placed 11th among top assets by market capitalization even with a difficult week for the industry which was characterized by the collapse of crypto-friendly banks like Signature Bank and Silicon Valley Bank (SVB),

According to data from Companies Market Cap, a company that provides real-time monitoring and ranking of market capitalization for assets including cryptocurrencies, precious metals, exchange-traded funds, and public companies, BTC with a market cap of $500.7 billion sits right above tech giant Meta with $496 billion in market cap.  

Before this leap which represents over a 9% rise in the last 24 hours, Bitcoin’s market cap was behind Meta’s with over $35 billion. It now sits directly below electric vehicle manufacturer Tesla which occupies the 10th position and holds a market cap of $552.07 billion.

Bitcoin Surpasses Meta and Visa in Market Cap

Although BTC is still quite far from gold, the number 1 ranked asset by market Cap with $12.578 Trillion, it has surpassed payment processing giant Visa for a record third time. It now leads the payment processor which occupies 14th place with over $20 billion. BTC first flipped the market cap of Visa back in December 2020 when it hit the $25,000 mark for the first time.

Given the little gap in market cap between BTC and Visa, the two have been flipping each other at intervals. After the wake of the collapse of Sam Bankman-Fried’s FTX which shaved off over $100 billion from the industry, Visa retook the lead. However, after stacking an additional $65 billion on top of its Nov 6 market cap of $408, bitcoin re-took the lead again against the payment processor.

Recall that AI Kelly, the now ex-CEO of the payment platform noted that the platform’s balance sheet was not affected by the high-profile failures that rocked 2022 after it ended its global credit cards agreement with bankrupt FTX.

Interestingly, BTC also ranks above MasterCard, the second-largest payment processor. MasterCard is placed 23rd on the log with a market cap of $335.85 billion. BTC now trades for over $25,900 after a 17.4% increase from the 24 hours.