Bitcoin

Bitcoin now exceeds Visa’s Market Cap

Bitcoin markets have been experiencing a lot of activity this weekend, as the crypto asset price touched another all-time high (ATH) at $28,378 per coin. Toward the end of 2020, the cryptocurrency’s market capitalization has crossed a whopping half of a trillion U.S. dollars in value.

The leading cryptocurrency by market valuation, bitcoin (BTC), has climbed immensely in value during the last few days. At the time of publication, the asset is trading between $27,250 to $27,750 per BTC on Sunday morning (8-9:30 a.m. EST).

A few days ago, on December 24, BTC was swapping for $23,796 per unit, which means it has gained over 14% during the last three days. Data show that the BTC dominance index has surpassed the 70% handle with an overall market cap of $510 billion.

There’s approximately 18,582,450 BTC in circulation today, and during the last 24 hours, bitcoin (BTC) has seen $21 billion in global trade volume. The stablecoin tether (USDT) is still the dominating pair against BTC on Sunday capturing 56% of all trades. This is followed by trading pairs like the USD (15.22%), JPY (8.08%), EUR (5.13%), KRW (3.52%).

During the last seven days, BTC is up 16.4% and 59.12% over the previous month. 90-day stats show BTC has gained 155%, and 12-months data against the USD shows BTC is up 272% today.

Using today’s exchange rate, BTC’s current difficulty, and an electrical cost of around $0.06 per kilowatt-hour (kWh) shows that miners are profiting considerably at this price range. Stats show that today’s top mining rig is the Bitmain Antminer S19 Pro (110TH/s), which is pulling in $15.37 per day.

The S19 Pro is followed by the Microbt Whatsminer M30S++ ($15.18/day), MicroBT Whatsminer M30S+ ($12.69/day), Bitmain Antminer S19 95TH/s model ($12.00/day), and the Canaan Avalonminer 1246 ($10.38/day).

Currently, the Bitcoin network hashrate is 136 exahash per second, and there’s a total of 18 pools mining the BTC chain. The top five BTC mining pools include F2pool, Binance Pool, Antpool, Btc.com, and Viabtc. F2pool commands 20% of the hashrate or 26.32 EH/s on December 27, 2020.

Bitcoin is also seeing a lot of interest during the last few weeks as Google trends data shows the term “bitcoin” has a rating of 96 out of 100. The term and subject “bitcoin” is also trending quite a bit on Twitter on Sunday morning with over 225,000 tweets about the crypto asset.

Many individuals have been discussing how BTC surpassed Visa’s market capitalization and is steadily gaining on Berkshire Hathaway. Bitcoin’s (BTC) overall valuation makes it the 11th most valuable global asset than the top ten corporations worldwide.

“Bitcoin market capitalization is now over $510 billion. Which puts it just under Warren Buffett’s Berkshire Hathaway, the 10th largest company in the world,” one individual tweeted on Sunday.

What do you think about bitcoin’s (BTC) recent price performance? Let us know what you think about this subject in the comments section below.

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