Bitcoin Skyrockets to $700, Market Cap Reaches $11 Billion

The BTC/USD exchange rate has just marked a major milestone with a two-and-a-half year record of $700. Just last Sunday the rate was around $575, making today's record an increase of over 21% in just seven days. Furthermore, the recent rally in the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term was already going strong, having jumped about 10% from the previous week.

In terms of value, the total capitalization of all bitcoins in existence is now standing at about $11 billion again, a benchmark not seen since January 2014. For comparison, the market capitalization of online money transfers firm Paypal (NASDAQ:PYPL) is about $44 billion, already just about four times that of the bitcoin network.

The rise in the value of Bitcoin has not come at the expense of competing assets. Ethereum market cap is now at $1.36 billion, having reached its own record of $16.9 and dispelling the belief that the two leading Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are cannibalizing each other's market share. In addition, the overall market capitalization of all cryptoassets combined is now around $13.5 billion.

Charles Hayter, the CEO of CryptoCompare.com, commented on the situation and the possible causes: "The IMF warning on Chinese corporate debt levels, have prompted traders with yuan exposure to look for safe harbor. Bitcoin fits the bill as a form of digital gold.

The past month has seen bitcoin climb 50% to $684 on the CryptoCompare Bitcoin USD Index, as global systemic risks, especially from China, weigh on international equity markets. Traders see bitcoin as immune and are using it as a means to park cash - a flight to safety."