NFT News by Thebittimes.Com

Coin Metrics co -founder Nic Carter says Bitcoin hasn’t flipped Visa regarding annual transaction volume, referring to incorrect data aggregated by on-chain firms. Bitcoin (BTC) is not even close to those transaction volume levels that Visa deals with. At least that’s what Nic Carter, a partner at Castle Island Ventures and the co -founder of Coin Metrics, said in a recent post on X. The Coin Metrics co -founder said that Bitcoin on-chain value declined significantly in 2023. He noted that the network’s annual volume has not grown since 2021. Bitcoin’s annual volume compared to other financial systems | Source: X As per his calculations, BTC’s 2023 adjusted volumes are “annualizing at $3.1 billion,” which is one-fourth of Visa’s annual volumes. Carter says any claims to the contrary are based on “poorly adjusted measures of BTC on-chain settlement value.” “If you don’t strip out a lot of spurious chu...

While the collapse of FTX shaved $100 billion off of BTC’s market cap in just four days last year, BTC has managed to fully recover and stack on another $65 billion. A 48% Bitcoin (BTC) price surge since the start of the year has pushed BTC's market cap past that of payment processing giant Visa once again. With the BTC price currently at $24,365, its market cap of $470.16 billion is now marginally above that of Visa, which has a market cap of $469.87 billion, according to CoinMarketCap. BTC has “flippened” Visa again. Source: CoinMarketCap. This is the third time that BTC has “flippened” the market cap of Visa, according to Companies Market Cap. The first time came in late December 2020, when BTC also happened to hit $25,000 for the first time. This was achieved during a price surge that saw BTC rally from $10,200 in September 2020 to $63,170 seven months later, in April 2021. Visa re-took the lead between June and October 2022, which then saw BTC surpass Visa for a very brief m...