The asset has overtaken the network’s market cap following an announcement that PayPal intends to integrate crypto.
Since PayPal announced adding Bitcoin (BTC) to its platform, the asset's market cap has exceeded that of PayPal itself. Ironic?
At press time, Bitcoin holds a market cap of $239,877,416,968, just recently surpassing PayPal on AssetDash's list of the largest stocks, ETFs, and crypto assets. Bitcoin now holds the 21st spot on the list, with PayPal right below at $238,578,822,000.
Whenever a company, asset, or otherwise overtakes a rival in valuation, the crypto space loosely refers to the event as a "flippening." In 2017, a number of folks speculated on a potential Ethereum (ETH) flippening, which would see ETH's market cap rise higher than BTC's. As of press time, no crypto asset has ever flippened Bitcoin's market cap.
On Oct. 21, PayPal confirmed rumors that PayPal plans to add Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) to its list of payment options in 2021. When used for transactions, the assets will automatically convert into cash on the backend for merchant recipients.
Bitcoin saw a standout price performance following the news, which seemingly acted as a catalyst to push the asset's price even higher after a number of bullish days. Over the past 48 hours, BTC's price has soared more than $1,000.
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