Bitcoin Market Cap Reaches 70$ Billion, Now Worth More Than Paypal

The price of bitcoin has gone parabolic in the past few weeks, creating and smashing countless new all-time highs along the way.

Mainstream media has been heavily covering the break above $4,000, most of the articles and corresponding coverage has been highly bullish.

The total crypto currency market cap has ballooned to $140 billion, with bitcoin now conferring to a larger chunk of that pie at $70 billion (more than 50% at the time of writing). The remainder is split up between ethereum at $28 billion, ripple which is holding at $6.5 billion, bitcoin cash at a valuation that is slightly below $5 billion, as well as other alternative crypto currencies and assets.

Bitcoin dominance back above 50%: $70bn cap out of a total of $140bn. Ethereum at 20% with $28bn. pic.twitter.com/7TBeajREsV

— Tuur Demeester (@TuurDemeester) August 14, 2017

In the meantime, segwit has locked in and has entered its activation period. Completion is expected by August 22, if the existing momentum and speed in block generation stays constant.

Interestingly, bitcoin is as of this moment, worth more than Paypal, at least when it comes to market capitalization.

Bitcoin's market cap ($71B) is now higher than Paypal ($70B)

— Marc van der Chijs (@chijs) August 14, 2017

#Bitcoin $BTC Market Capitalisation surpassed Paypal =) pic.twitter.com/lnxKhweape

— Peter Sin Guili (@petersinguili) August 14, 2017

The marketcap of #Bitcoin is now higher than Paypal.$BTC – $71.32B.$PYPL – $71.13B. https://t.co/3VZaofTuap

— Collin Crypto (@CollinCrypto) August 14, 2017

Startups in the fintech industry are rapidly taking away business from the ageing banking sector. Disruptions of the old paradigms are rampant, proving that innovation and flexibility may be needed, if the exhausted banking giants and conglomerates are to survive.

Exotic predictions are plentiful as well, and certain social media figures are citing the top of this run-upat $5,000, with some even stating $10,000 as a reasonable target.

History is being revisited due to the unfolding events, comparisons are being drawn to the dot-com bubble, and the 2008 pre-crash period too. There are other numerous examples that could serve as a cautionary reminder; Silver Thursday comes to mind, as does the infamous tulip mania.

I was a few years too young to get caught up in tech bubble. & I think Ill be grateful I was about 2 too old to get caught in bitcoin bubble pic.twitter.com/2TvNm8FjvC

— panamaorange (@panamaorange) August 12, 2017

Bitcoin was trading at $4068 at the time of the report after reaching all time high of $4430.

This post was originally published by EarnForex