Bitcoin (BTC) surpassed $ 25,000 on December 25, reaching a full-time high of $ 25,020 on Bitstamp, surpassing Visa’s market value on a historic milestone.
Financial services giant Visa is worth an estimated $ 460.06 billion, according to Yahoo Finance. As of December 26, Bitcoin is safely hovering over $ 462 billion.
But aren’t Visa and Bitcoin a good comparison?
Bitcoin is actually a peer-to-peer software protocol, and Visa is a commercial company. Some would argue that a direct comparison between the two is inappropriate because they are fundamentally different.
But Bitcoin is predominant over Visa, primarily symbolic, and in theory, Bitcoin’s current market value will make it the thirteenth company in the world.
Meanwhile, institutional interest in bitcoin has increased during 2020. While institutional demand for Bitcoin continues to skyrocket, the surplus of Visa’s market value may increase Bitcoin’s trust among organizations.
More accredited institutions and investors gain access to Bitcoin through the grayscale and CME Bitcoin futures market. Assets under Grayscale’s management are around $ 17 billion as open interest in the CME Bitcoin futures market remains above $ 1 billion.
Visa has also shown more enthusiasm for cryptocurrency in recent months after Square and PayPal supported Bitcoin.
For example, Wirex, the issuer of Visa debit cards, has become one of the most important Visa members in Europe. Coy Sheffield, senior director and head of cryptocurrency at Visa, said:
“Cryptocurrency can add value to digital payments for more people and places. We are excited to partner with innovative fintech companies such as Wirex to enable customers to use digital currencies of over 61 million merchants on the Visa network. ”
Data tips in the chain where BTC goes
In the short term, traders and network analysts say that Bitcoin’s price remains bullish.
Intotheblock analysts have identified $ 23,069 and $ 23,377 as key support levels for BTC in the near future. They wrote:
“Bitcoin managed to hold over 23,000 dollars. The IOMAP index supports this hypothesis, as it shows strong support between $ 23,069 and $ 23,377.1, with nearly 900,000 addresses previously securing $ 796,000 bitcoins. ”…
Bitcoin support levels based on on-chain data. Source: IntoTheBlock
As long as Bitcoin stays above its critical support areas, traders expect the cryptocurrency market to see a broader rally.
Michael Van de Pope, a full-time trader on the Amsterdam Stock Exchange, predicts that the total market value of cryptocurrencies will soon reach a historic high of around $ 780 billion. He said:
“The overall market value of # cryptocurrency looks very optimistic because it generally tested the high region. It is necessary to monitor the levels of 550 and 450 billion dollars. Some of these areas are for buying disadvantages. If they persist, the next period will bring the market higher than ATH. “