Published On: Sat, Aug 19th, 2017

Bitcoin Surpasses Market Cap of S&P 500 Companies PayPal and Netflix

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The total Bitcoin market cap has surpassed the $70 billion mark, putting the digital currency on par with several S&P500 companies including PayPal and Netflix.
Bitcoin Performance
In the last couple of months, the Bitcoin price has steadily risen to new levels. On August 17, 2017, the Bitcoin price reached its all-time high of $4,483! The new Bitcoin all-time high was even predicted back in July 2017 by a Goldman Sachs analyst. Many analysts believe that the Bitcoin price rise was attributed to the recent blockchain fork, which created Bitcoin Cash.

The current popularity of initial coin offerings has also been attributed to the rise of the cryptocurrency market cap, the most notable example of which is the recent Dmarket ICO, which managed to raise $7 million within 24 hours.
According to CNBC, financial services firm Goldman Sachs is forecasting a further Bitcoin price raise of $344, which could take the bitcoin price to $4,827.
Taking on PayPal in the S&P 500
After reaching a new all-time high, the Bitcoin market cap reached almost $71 billion, which puts the popular cryptocurrency on par with top S&P 500 companies like video streaming service, Netflix and famous online payment system, Paypal. According …

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