The Real Flippening? Bitcoin Tops PayPal’s Market Cap

 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.

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. 

 Just a few months ago, ethereum backers anticipated the “Flippening”: a moment when ethereum would surpass bitcoin to become the most valuable cryptocurrency. Ethereum was unable to achieve that feat before the market correction in July, and bitcoin increasingly separated itself from the pack. With Monday’s events, it now seems clear that the real Flippening we have been waiting for is not another cryptocurrency topping bitcoin; it is bitcoin surpassing one of the world’s most ubiquitous payment processors.Of course, it remains to be seen whether bitcoin will hold above its current record levels. The bitcoin price has, after all, doubled in the past month, leading some analysts to question whether or not the market is in a temporary melt-up. In any case, today is a monumental day for cryptocurrency and should earn its place in the history books.

Crypto Market Cap Approaches $140 Billion

Bitcoin continues to carry the total crypto market cap to record levels. Since surpassing its June peak on August 7, the total value of all cryptocurrencies has reached new heights almost daily. At present, the total cryptocurrency market cap is $139.8 billion. 

Source: cryptocoinsnews.com