Bitcoin Market Cap Above $8 Billion as Price Crosses $520
A year ago the BTC/USD exchange rate was $237 and the total market cap of Bitcoin was just $3.3 billion.
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 just around 7.5% of the total market. This has also caused a huge spread between exchanges in China and international ones – as on Huobi bitcoin is traded around ¥3780, worth about $575.
http://www.financemagnates.com/cryptocurrency/trading/bitcoin-market-cap-above-8-billion-as-price-crosses-520/
