The bitcoin price broke $4,000 for the first time over the weekend, and it continued its record-setting run on Monday. The bitcoin market cap soared past $70 billion, initiating an event the cryptocurrency community has been anticipating for years: bitcoin now has a greater total valuation than payment-processing behemoth PayPal.
Record Bitcoin Price Initiates Flippening
Bitcoin Price Chart from CoinMarketCap
The bitcoin price rose another 8% on August 14, briefly spiking past $4,300 before settling down to its present value of $4,276. Monday’s trading raised the bitcoin market cap to a staggering $70.6 billion. According to Yahoo Finance, this makes bitcoin $400 million more valuable than PayPal, whose market cap is $70.2 billion.
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