Thanks to this weekend's dramatic surge to new record highs in Bitcoin ($4,251), the market cap of the largest cryptocurrency has now surpassed that of PayPal.
Bitcoin total market cap topped $70 billion for the first time...
Surpassing that of PayPal... in what Colu’s Udi Wertheimer called the "real Flippening."
As CoinTelegraph reports, the symbolic reversal of values would continue Bitcoin’s further unprecedented growth in August following the lock-in of SegWit. Sunday saw an all-time high set again of around $4251, which attracted continued attention from mainstream media sources.
Not just technological advances, but the bullish sentiment on Bitcoin’s business side could be fuelling a positive feedback loop of demand, Bloomberg adds. Bitcoin passing $4 bln is currently the publication’s most popular story.
“People are starting to price in the consumer demand from Coinbase’s $100 mln fund-raising round,” Bloomberg quotes Justin Short, founder of the NOUS trading platform.
“That’s a lot of advertising budget. Every $1 mln of marketing brings new demand, which increases the price as the supply is limited by design.”
Coinbase had announced the closure of the $100 mln Series D round late last week, and had previously reaffirmed its long-term plans for huge capacity increases when it said it aims to raise a total of $1 bln going forward.