Bitcoin overtakes Meta in market cap as market recovery continues
The past week was eventful in the Bitcoin and crypto market, as three top banks collapsed, triggering a crash in digital asset prices. Fortunately, the market saw a reversal after the Fed’s announcement to support banks with $25 billion.
Current data shows that the market cap for Bitcoin has now surpassed JP Morgan Chase, Exxon Mobil, Meta and Visa and is now close behind tech giant Tesla.
Bitcoin Market Cap Tops Above Tech Giants
Bitcoin’s market capitalization has jumped to 11th among other assets by market value. Companies’ market value revealed that the market cap for Bitcoin rose 9.7% in the last 24 hours, reaching $471.86 billion at press time.
The number one cryptocurrency has overtaken tech giant Meta, whose market cap is currently $469 billion. As of March 13, BTC’s market capitalization was $433.49 billion, placing it lower than Meta by $37 billion. But the price of the coin rose, pushing its cap above Metas within 24 hours.
Bitcoin’s market cap topping Visa’s makes it the third time in history that it has achieved such a feat. In particular, it is above Visa by over $20 billion, but very far from Gold and Apple, which have a market value of $12.59 trillion and $2.380 trillion, respectively.
But looking at today’s gains and losses in market capitalization, gold has lost 0.48% in 24 hours, while Bitcoin is showing a gain of 9.14% in the same time frame, well above Apple’s gains of 1.33%.
What could be pushing the Bitcoin Rally
While the recent crisis in the banking sector affected many cryptoassets last week, this new week started with some news that accelerated the recent price rally. Notably, some factors that have pushed the BTC rally include the Fed’s support for the banking sector to cushion the effects of the recent crashes.
March 12, Federal Reserve Board announced it will provide funding to eligible depository institutions to enable them to meet depositors’ needs. Following the announcement, bitcoin rose by 10% and Ethereum also recorded a 15% price gain. Other assets followed suit, increasing trading volume, market capitalization and prices.
Related reading: Shiba Inu whales ejected trillions of tokens on Shibarium’s launch day
Second, Coindesk reported that the Interbank Funding Stress Indicator rose to its highest level since the pandemic crash, prompting one observer to point to gold and bitcoin as the beneficiaries.
As the risk indicator rises, the market expects the Fed to halt plans for another rate hike. In accordance MacroMicro datawidened the FRA-OIS spread to 54.00, the highest since March 2020.
Featured image from Pixabay and chart from Tradingview.com
