The asset has overtaken the network's market cap following an announcement that PayPal intends to integrate crypto.
Since PayPal announced adding Bitcoin to its platform, the asset's market cap has exceeded that of PayPal itself.
At press time, Bitcoin holds a market cap of $239,877,416,968, just recently surpassing PayPal on AssetDash's list of the largest stocks, ETFs, and crypto assets.
Bitcoin now holds the 21st spot on the list, with PayPal right below at $238,578,822,000.
Whenever a company, asset, or otherwise overtakes a rival in valuation, the crypto space loosely refers to the event as a "Flippening." In 2017, a number of folks speculated on a potential Ethereum flippening, which would see ETH's market cap rise higher than BTC's. As of press time, no crypto asset has ever flippened Bitcoin's market cap.
On Oct. 21, PayPal confirmed rumors that PayPal plans to add Bitcoin, Ethereum, Bitcoin Cash and Litecoin to its list of payment options in 2021.
When used for transactions, the assets will automatically convert into cash on the backend for merchant recipients.
Bitcoin saw a standout price performance following the news, which seemingly acted as a catalyst to push the asset's price even higher after a number of bullish days.
Over the past 48 hours, BTC's price has soared more than $1,000.
Bitcoin officially flippens PayPal
Udgivet den Oct 22, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.