Bitcoin’s market value tops that of Netflix

Donat Sorokin | TASS | Getty Images

A girl poses for a photograph on a stone sphere monument that unidentified persons have painted with the white Bitcoin cryptocurrency symbol in Oktyabrskaya Square, Yekaterinburg, Russia.

Bitcoin climbed above $4,500 to a record high Thursday, giving it a market valuation larger than that of Netflix.

The digital currency has a market value of about $74 billion, up $30 billion in August and topping Netflix’s $72.7 billion market capitalization.

Bitcoin climbed about 2 percent to a record high of $4,522.13 Thursday, according to CoinDesk.

Netflix shares traded more than 1 percent lower amid a broader stock market decline.

Analysts said bitcoin’s latest climb is a relief rally following the uneventful split of bitcoin into bitcoin and bitcoin cash earlier this month. Increased interest in bitcoin, especially from institutional investors, has helped the digital currency more than quadruple in price this year, analysts said.

Netflix shares hold gains of about 35 percent this year but have fallen about 8 percent in August after Disney announced last week it will pull its movies fromthe service and start its own streaming platforms.