by Jeff Berwick, The Dollar Vigilante:
One year ago today, bitcoin was trading at $570 USD.
Today it just hit a new all-time high over $4,400 and has a market capitalization of over $72 billion.
That now puts bitcoin on the same level as Paypal, which as of today, also has a market capitalization of $72 billion.
Likewise, bitcoin’s market cap is now greater than that of several major financial institutions including UBS and Prudential which stand at 65.72B and 48.41B respectively.
Bitcoin’s value of $4,400 does not include Bitcoin Cash, which was forked off of bitcoin just two weeks ago and is currently trading near $300.
Combined, for those who held bitcoin prior to August 1st and who haven’t sold their Bitcoin Cash, they now have a total value of $4,700.
This massive rise in bitcoin has caused another big spike in the market capitalization of all cryptocurrencies to a new all-time high over $142 billion
And bitcoin has regained a total dominance over all other cryptocurrencies by moving just slightly above 50% again.
To say that bitcoin has been doing unbelievably well would be an understatement!
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