• Bitcoin’s market cap jumped to 11th among other assets by market capitalization, reaching $471.86 billion at press time.
• The recent banking sector crisis affected many crypto assets last week, but the market saw a reversal following the Fed’s announcement of supporting banks with $25 billion.
• Bitcoin’s surge was also fueled by news that it had overtaken tech giants like Meta and Visa, as well as its gains of 9.14% in 24 hours far exceeding Apple’s gains of 1.33%.
Bitcoin Market Cap Surpasses Tech Giants
The past week was eventful in the Bitcoin and crypto market, as three top banks collapsed, triggering a crash in the prices of digital assets. Thankfully, the market saw a reversal following the Fed’s announcement of supporting banks with $25 billion. Current data shows that the Bitcoin market cap has now outpaced JP Morgan Chase, Exon Mobil, Meta, and Visa and is now closely behind tech giant Tesla.
Bitcoin Leads The Market
The number one cryptocurrency has overtaken tech giant Meta, whose market cap currently is $469 billion. As of March 13th 2021, BTC’s market cap was $433.49 billion placing it lower than Meta by $37 billion but then surged pushing its cap above Meta within 24 hours. Also, Bitcoin’s market cap topping Visa makes it the third time it has achieved such a feat in history being above Visa by over $20 billion but very far from Gold and Apple which are at respective $12.59 trillion and $2.380 trillion markets caps.
Factors Behind The Surge
While the recent banking sector crisis affected many crypto assets last week this new week started with some news fuelling the recent price rally notably; Federal Reserve Board announced it would provide funding to eligible depository institutions enabling them to meet depositors’ needs after which bitcoin spiked by 10%, Ethereum also recorded 15% price gain other followed suit increasing trading volume & market cap gold lost 0.48% while bitcoins gained 9/14%.
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