BTC’s market capitalization came in at No. 11 among the top assets by market capitalization, behind electric vehicle maker Tesla.
Bitcoin’s market capitalization managed to surpass that of the tech giant Meta. The Companies Market Cap data shows that the capitalization of BTC touched $471.860 million, surpassing the $469.000 million of Mark Zuckerberg’s company.
Just 24 hours earlier, BTC’s market cap was almost $37 billion lower than Meta’s at $433.49 billion.
However, volume was up 9.7% in the last 24 hoursbringing the cryptocurrency to 11th place among the main assets by market capitalization, below the electric vehicle manufacturer Tesla.
This happened after the bullish escalation that cryptocurrencies showed after the financial crisis that the US experienced after the fall of Silicon Valley Bank.
Cointelegraph had reported that BTC had surpassed payment processing giant Visa’s market capitalization for the third time ever, on Feb. 20.
Why are cryptocurrencies rising?
According to some experts, this is because the fall of SVB will completely change the plans of the Federal Reserve (Fed) as far as monetary policy is concerned. So much so that prestigious firms such as Goldman Sachs forecast that the central bank will not raise rates in March, while Nomura warns that the FOMC could decide on a 25 basis point cut next week.
Source: Ambito
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