Bitcoin exceeds $28,000 and overtakes Visa by market cap

The first cryptocurrency continues to delight investors with strong growth. The bitcoin rate renewed its all-time high again, while its market capitalization exceeded half a trillion US dollars.

On December 27, the price of bitcoin exceeded $28,000. The daily growth was over 13%. Over the past two days, bitcoin jumped in price by almost $4,000, and over the past week, the growth rate reached 20%.

The market cap reached $524 billion, according to data from CoinMarketCap. Thus, bitcoin overtook the Visa payment system in terms of market capitalization.

The current wave of bitcoin growth started in October. Then the price of the cryptocurrency managed to break out of $10,000. The current boom in the cryptocurrency market is associated with the arrival of institutional investors who are actively investing in cryptocurrency assets.

Since mid-March, when the crypto market collapsed along with the world stock markets, with the bitcoin price falling below $4000, bitcoin rose in price by more than seven-fold.

Following bitcoin, the entire cryptocurrency market entered the green zone. The price of Ethereum, which has been showing steady growth over the past two months, jumped 13% to reach $711 per ETH. ETH was not traded at this level since May 2018. Ethereum capitalization reached almost $80 billion. Nevertheless, the cryptocurrency is still far from its all-time high, demonstrated in 2018, when ETH peaked at $1400.

XRP remains an outsider, falling on the news of a lawsuit from the US Securities and Exchange Commission (SEC). The US financial regulator accuses Ripple of a prolonged sale of unregistered securities under the guise of digital assets, and the executives of Ripple are suspect of personal enrichment through XRP transactions totaling more than $600 million.


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