Yet again, the price of Bitcoin has broken into a new All-Time-High price exactly one month after its previous ATH price. This time around, the number one crypto broke the previous price and painted a new ATH price above $62,000.
The crypto painted this new ATH after several unsuccessful attempts of breaking into the coveted $60,000 mark. Bulls finally had their grip on the market and consequently took the crypto price to a new ATH.
However, after the crypto hit a new ATH, data from the analytical firm, Bybt, shows that about $900 million has been liquidated in the last 24 hours, most of which were short positions accounting for 60% of the sell-off. Most of them happened on Binance, Huobi, Bybit, and OKEx.
Similarly, the number one crypto has seen its market capitalization go above $1.1 trillion, which is more than the market capitalization of global fintech firms Visa and MasterCard combined.
How Bitcoin market cap surpassed Visa, MasterCard
The number one crypto had continued to surge since October 2020 when it broke over $10,000. Six months after, the price of BTC has skyrocketed over 500 percent, naturally pushing its market cap above $1 trillion.
While the crypto price was going up and its market cap surging, it surpassed firms like Netflix, Berkshire Hathaway, Tesla, Facebook, among others.
Bitcoin being a financial asset, it is worth comparing its market cap against global financial organizations, especially US giants Visa and MasterCard. Per data from AssetDash data, Visa is currently the 13th largest asset by market cap with $490 billion, while MasterCard takes the 18th position with $374 billion. Put together, the market capitalizations of both are worth $864 billion.
Combining both firms’ market cap does not match that of BTC, which currently sits at $1,172 trillion. However, both fintech firms (MasterCard, Visa) are set to launch crypto products as they announced users would be able to buy crypto on their platforms.
Why BTC surged above $60,000 – Analyst
Greg Waisman, the co-founder and COO of the global payment network Mercuryo in his weekly crypto price analysis, explained the catalyst behind BTC’s recent price surge after many attempts to break above $60,000.
According to Waisman, the biggest drive came from the US Securities and Exchange Commission’s (SEC) decision to review a recent Bitcoin ETF proposal submitted by WisdomTree.
The Mercury COO pointed at another positive sign emanating from BTC miners who have begun staking once again. According to him, it brings a bullish feeling for the number one cryptocurrency.