29 May '16, 9am

Bitcoin Market Cap Above $8 Billion as Price Crosses $520 - Finance Magnates

Bitcoin Market Cap Above $8 Billion as Price Crosses $520 - Finance Magnates

The world’s leading cryptocurrency, Bitcoin, has marked another important milestone today with regard to market valuation. The total capitalization of all bitcoins in existence is now well over $8 billion again, a benchmark not seen since July 2014. For comparison, the market capitalization of online money transfers firm Paypal (NASDAQ:PYPL) is about $45 billion, already less than six times that of the bitcoin network. Behind the rise in market cap is the fact that bitcoin’s price has been on a rally recently, with the BTC/USD exchange rate today reaching above $520 after rising about 20% over the past week. Fueling the rally is massive demand from China pushing the trading volume in the last twenty-four hours alone to $145 million – about three times the normal volume. In fact the Chinese demand for bitcoin is so great, that CNY/BTC volume is now over 90% and USD/BTC is j...

Full article: http://www.financemagnates.com/cryptocurrency/trading/bit...

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