$285 Billion: Cryptocurrencies Surpass Market Cap of Visa

The market valuation of all of the cryptocurrencies combined has surpassed the market cap of leading financial service provider Visa, by $30 billion.

At the time of reporting, the market cap of Visa remains just above $254 billion, while the market valuation of the entire cryptocurrency market is $285.9 billion.

Visa vs Cryptocurrency Market by Numbers

According to the Visa 2016 annual report, the Visa network processes around $5.8 trillion worth of transactions per year, mostly from the 3.1 billion visa debit and credit card issued globally. More than 83.2 billion transactions were settled on the Visa network in 2016.

In contrast, the cryptocurrency market settles significantly less transactions on a daily basis. The Ethereum network settles more transactions than all of the cryptocurrencies in the market combined, and the entire cryptocurrency market processes around 1 million transactions per day. That is, 30 million transactions per month and approximately 360 million transactions per year.

However, core developers of most public blockchain networks such as bitcoin and Ethereum are working on the development and deployment of second-layer payment networks. The utilization of second-layer payment channels like Lightning and Plasma will enable cryptocurrencies like bitcoin and Ethereum to remain as secure store of values, while payment channels operate like the Visa network and are launched on top of the cryptocurrencies.

A recent research paper from the Blockstream research team entitled “Scalable Funding of Bitcoin Micropayment Channel Networks” revealed that with necessary solutions in place such as micropayment channels can support at least 800 million users with the current infrastructure…

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