Bitcoin hits $25K for the first time ever and It surpassed the market cap of Visa at $460 billion as the price reached a new milestone. The price of BTC surpassed the milestone a day ago, so let’s take a closer look at the price analysis in our latest Bitcoin news.
Visa, the financial services giant is valued at $460 billion according to Yahoo Finance and as of December 25th, Bitcoin is hovering above $462 billion. BTC is a peer-to-peer software protocol while Visa is a profit corporation but some argue that there’s a direct comparison between these two despite being fundamentally different. In the meantime, over 2020, the institutional interest in BTC was surging and it hit a point where the demand for Bitcoin increased exponentially surpassing the market cap of Visa that will most likely further boost the confidence from institutions towards BTC.
More institutions and accredited investors were gaining more exposure to BTC through Grayscale and the CME BTC futures market so the assets under management of Grayscale are reaching $17 billion as the open interest of the CME BTC futures market remains above $1 billion. Visa showed more enthusiasm towards the cryptocurrency in the recent months following Square and PayPal’s support. Wirex which the crypto Visa debit card issuer, became the key member of Visa in Europe as Cuy Sheffield, the senior director and head of crypto at Visa said:
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places. We’re excited to work with innovative Fintechs like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network.”
In the near-term, traders and on-chain analysts said that Bitcoin’s trajectory remains optimistic but the analysts from IntoTheBlock identified $23,069 and $23,377 as the key support levels for BTC in the near future as they said:
“Bitcoin has been able to sustain above $23,000. The IOMAP indicator supports that premise as is showing a strong level of support at the range between $23,069 and $23,377.1, where almost 900 thousand addresses previously acquired 796 thousand $BTC.”
As long as BTC stays above the critical support areas as the traders anticipate the crypto market to see a broader rally after bitcoin hits $25K. Michael van de Poppe who is a full-time trader at the Amsterdam Stock Exchange said that the entire market capitalization will likely break the all-time high of around $780 billion by saying:
“The total #crypto market capitalization is looking extremely bullish as it has been testing the all-time high region. Levels to watch are $550 and $450 billion. Any of these regions are buy dip opportunities. If these holds, next run will bring the market above ATH.”
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