Bitcoin Overtakes Meta In Market Cap As Market Recovery Continues

As the cryptocurrency market continues to recover from recent lows, Bitcoin has overtaken Meta in terms of market capitalization. This news comes as a relief to investors who have seen the market suffer from significant losses in recent weeks. With Bitcoin’s value climbing steadily, many are optimistic about the future of cryptocurrency and the potential for continued growth. As the industry navigates these turbulent times, experts are closely watching market trends to assess the impact on investors and determine whether cryptocurrency will continue to be a profitable investment in the long-term.

The past week was marked by significant events in the Bitcoin and crypto market, with the collapse of three major banks causing a decline in digital asset prices. Fortunately, the market rebounded following the news that the Fed would provide $25 billion in support to banks. Currently, Bitcoin’s market cap has surpassed JP Morgan Chase, Exon Mobil, Meta, and Visa, making it the 11th largest asset by market capitalization and closely behind tech giant Tesla. The coin’s market cap surged 9.7% over the last 24 hours, reaching $471.86 billion at press time. BTC’s market cap has overtaken Meta’s, whose market cap currently stands at $469 billion, in a sharp turnaround from March 13 when BTC’s market cap was $433.49 billion. Bitcoin has also exceeded Visa’s market cap three times in history, although it remains far behind the likes of Gold and Apple. This week’s price rally was driven by factors such as the Fed’s support of the banking sector in response to the recent crashes, with bitcoin surging 10% after the announcement. Additionally, the Interbank Funding Stress Indicator surged, fueling observers to point to gold and bitcoin as the beneficiaries. As risk indicators rise, the market expects the Feds to pause their plans for another interest rate hike.

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