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.
