Bitcoin (BTC) is again more capitalized than Visa, after approaching $25,000. For now, the progression of the biggest cryptocurrency mimics that of 2017. Will it last?
Bitcoin (BTC) plus capitalisé que Visa – Le scénario de 2020 se reproduirait-il ?
Bitcoin more capitalized than Visa, Meta and LVMH
This is a sign of the growing health of the Bitcoin price. The capitalization of BTC indeed exceeds that of the payment giant Visa again. The biggest cryptocurrency is now the 11th most capitalized asset in the worldbehind the action of NVIDIA and Tesla:
Ranking of the largest capitalizations of the moment
The capitalization of BTC had surpassed that of Visa shares for the first time in December 2020, when the cryptocurrency first touched $25,000. This is precisely the threshold on which the price of Bitcoin is currently stranded, with two notable crossings this week :
BTC price is trying to sustainably break through the psychological threshold of $25,000
Although the largest cryptocurrency is struggling this morning around $24,500, the message seems clear: BTC is in good shapeand leads some commentators to optimism.
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A repeat of 2020?
It really doesn’t need more. so that some see it as a repeat of 2020. As a reminder, Bitcoin had crossed the $30,000 threshold in December 2020, and soared to approach $65,000 in April 2021. The indicators being green at the moment, investors are dreaming of a new rise for the biggest cryptocurrency.
But this goal is still a long way off. As our analyst Tagado reminded us this weekend, the BTC must manage to break its range from the top – and the famous threshold of 25,000 dollars – in a sustainable way before we can see a sign of an extension of the rise. . Moreover, a rejection is also possible :
“In the event of a new rejection by this resistance, we should, however, expect a return of the Bitcoin price to the middle of its range at $21,500. In addition, it will be necessary to maintain this level under penalty of returning to visit the zone of 19,000 dollars. »
What can be said, however, is that the market is in an appetite phase, after moving in an uninspiring long range. This is also noted by the “Fear and greed” index:
Bitcoin Fear and Greed Index is 58 – Greed
Current price: $24,341 pic.twitter.com/jqEEr9XRtj
— Bitcoin Fear and Greed Index (@BitcoinFear) February 20, 2023
It therefore remains to be seen whether the cryptocurrency will manage to transform this tremor of enthusiasm into a real bull run.
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Source: 8marketcap
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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