- Bitcoin price hits all-time high on Bitstamp, sells for $25,020
- Bitcoin market capitalization surpasses that of Visa making it the 13th largest company in the world
In the same vein, Bitcoin had also successfully surpassed the market capitalisation of financial behemoth, Visa. According to Yahoo Finance, the market cap of Visa stood at $460.06 billion while that of Bitcoin is currently hovering around $462 billion.
By the implication of this, this means that Bitcoin is now the thirteenth largest company in the universe. Putting it just behind Samsung and other top companies in the world.
While the level of institutional investors and adoption has grown exponentially in this year, companies like MicroStrategy, Grayscale, PayPal and Square have played an active role in the growth.
PayPal integration of crypto services into its system has led to a wider adoption rate for the coin. MicroStrategy and Grayscale own Bitcoin that are valued at over $1 billion each. While Square also holds over 4000 Bitcoins.
With Bitcoin surpassing the market cap valuation of Visa, interest in the crypto asset could be boosted, luring other institutions to invest in the asset.
Bitcoin price trajectory remains positive
According to analysts at Intotheblock, Bitcoin price has been able to maintain the $23,000 level. They added that the coin price was showing a strong support level at $23,069 and $23,377 where 796,000 BTC was acquired by close to a million addresses.
It is believed that if the price of the crypto asset remains above those levels, then the market generally would be able to witness a wide reaching rally.
Another crypto analyst, Michael van de Poppe, has posited that the crypto industry would break its all-time high market cap of $780 billion.