Bitcoin flips Visa in market cap as regulatory concerns loom
Over the weekend, Bitcoin (BTC) made its third attempt to break the \(25,000 mark and succeeded, but it was short-lived. The coin plunged to as low as \)24,000 before rebounding to \(24,900, marking its highest level in six months since mid-June. In addition, Bitcoin's market cap has [surpassed that of Visa](https://cointelegraph.com/news/bitcoin-market-cap-flips-payments-giant-visa-for-the-3rd-time) for the third time as it reached almost \)479B compared to Visa’s $470B.
At the time of writing, BTC is trading with a 0.56% daily increase, a slight pull-back to $24,700. Last week, BTC outperform almost all altcoins in the top 10 with an approximately 12% increase, except for Polygon (MATIC) which soared by 19%.
As Bitcoin’s price saw volatility, some analysts at CryptoQuant were taking a closer look at the Bitcoin 7-Day MA Puell Multiple. Recent data showed that the metric had risen above 1, a level it has not reached in about 14 months.
In the past, sustainable rallies have often occurred when the metric has successfully broken above 1. This development brings more hope for the sustainability of the current Bitcoin price increase, at least in the short term.
Ethereum (ETH) has briefly broken the $1,700 mark again, with a 0.85% gain in the past 24 hours, making it the best performer among the top 10 cryptocurrencies. On the other hand, Binance USD (BUSD) supply has fallen to the 9th rank, while MATIC climbed higher to become the 8th biggest crypto by market cap.
However, despite the positive sentiment, regulatory concerns remain a problem. The Financial Stability Board (FSB) chair warned that many existing stablecoins would not meet the “high-level” recommendations that are soon to be set by global standard setters. This statement could signal increased scrutiny, which may negatively impact the cryptocurrency market.
As the cryptocurrency market continues to fluctuate, investors should be keeping an eye on crucial macro events scheduled for this week. In specific:
- Eurozone CPI at 10 AM UTC on February 22
- FOMC Meeting Minutes at 7 PM UTC on February 22
- U.S. GDP at 1:30 PM UTC on February 23
- U.S. Core PCE at 1:30 PM UTC on February 24
Top altcoin gainers and losers:
Conflux CFX (+64.50%)
Stacks STX (+47.24%)
NEO NEO (+20.13%)
Internet Computer ICP (-8.09%)
Filecoin FIL (-6.88%)
SingularityNET AGIX (-6.50%)
NFT Market Map
In a market where most top collections saw a big drop in volume, the loss of Yuga Labs family NFTs didn’t seem too significant despite their IP theft drama.