Bitcoin Surges Past Paypal, Salesforce And Costco

Bitcoin surged to another record high on Tuesday, with the current rally bringing its market capitalisation close to major stocks like Netflix.

The trading price of the cryptocurrency hit a massive all-time high of $4,483.55 in trade on Tuesday, continuing the bullish rally seen in the past couple of weeks, according to respected industry website CoinDesk. Bitcoin did dip slightly to $4,265.29 on the day but overall the surge has been viewed as massively positive.

Bitcoin’s market capitalisation which means the total number of coins in circulation times by the price a hit $73.5 billion when the record high was hit, showed late data from  Coinmarketcap. This makes it the highest market capitalisation at this point.

If bitcoin was actually a  stock (something it isn’t as a currency), it would be the around the seventieth biggest by capitalisation which is just a shade behind giants Adobe and Netflix on the S&P 500. Adobe has a massive market cap of $73.6 billion trading giant Netflix is worth $73.8 billion, putting bitcoin close to both. It has already overtaken major stocks such as PayPal, Costco, and Salesforce and on the  Nasdaq figures show it would be the twenty-fourth largest stock by market cap.

Many investors see bitcoin as a commodity or currency that also has a finite supply at 21 million bitcoin which will not be reached for a few years yet.

This latest surge is suspected to have been buoyed by rising demand from Japan, increasing interest from more traditional investors but more importantly in a larger sense, bitcoin now being viewed as a safe haven investment from rising geopolitical issues.