By
Steve Muchoki
April 17th, 2024
BTC price is 8% up in the past 24 hours and is trading at around $24,000.
Despite the recent collapse of the three ‘S’ banks, Bitcoin (BTC) has managed to add to its market capitalization, surpassing that of tech giant Meta. As of publication, Companies Market Cap data suggests that Bitcoin’s market cap now stands at $472.36 billion. This means that its market cap has now surpassed Meta’s market cap of $469 billion to rank 11th position on the list of assets by market cap.
It is particularly important to note that barely 24 hours earlier, BTC’s market cap was nearly $37 billion below Meta’s current market cap. However, having gained 9.65% in 24 hours, the crypto asset now sits just behind electric vehicle maker Tesla Inc (NASDAQ: TSLA).
Bitcoin Market Cap Gains More on Visa
On February 20, the market cap of Bitcoin (BTC) flipped that of payment processing giant Visa for only the third time in history. At the time, it gained just enough to get ahead of the payments company.
Now, however, Bitcoin has extended that gap, having at least $20 billion more in market cap than Visa Inc (NYSE: V).
While BTC’s market cap has continued to gain, it still is quite a distance from the log leaders. Gold currently sits at the top position with a $12.637 trillion market cap, while the second spot is occupied by Apple with a $2.380 trillion market cap.
Interestingly, BTC’s market cap is not the only part of the flagship cryptocurrency that is currently showing positive signs. BTC price is also 8.19% up in the past 24 hours and trading at $24,407, according to CoinMarketCap data.
Recall that within the past week, Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank all collapsed. And being major crypto backers, the failure of these financial institutions initially raised concerns in the markets. The general crypto market tanked even as notable stablecoins also depegged. However, the swift intervention of regulators has now allayed fears of a financial crisis like that of 2008.