Bitcoin Charges Back In The Trillion Dollar Asset Club

Bitcoin's BTC/USD market cap exceeds one trillion dollars once again, after its price saw a sudden surge topping $55,000.

What Happened: According to CoinMarketCap data, as of press time Bitcoin is trading at $55,083.90 after seeing its price increase by nearly 9% over the previous 24 hours.

Bitcoin's current market cap is $1.027 trillion, meaning that it exceeds Facebook, Inc.'s FB valuation by a significant margin and is approaching silver's total market value of $1.266.

See Also: IS BITCOIN A GOOD INVESTMENT?

Cryptocurrency market analyst Michael Van De Poppe said in a Wednesday tweet that "we'll be continuing to see strength on" Bitcoin. He admitted that we may see six to eight weeks of corrections on Bitcoin before a full-blown bull run. According to him December and January "is often the best period to buy" altcoins.

The news follows recent reports that institutions played a major role in pushing Bitcoin's price back above $50,000 after renewed enthusiasm and adoption further spurred by U.S. Bancorp USB-owned U.S. Bank's new crypto custody service and Bank of America Corp.'s (NYSE: BACreleasing its first crypto research report admitting that the market is too big to ignore.

Image by Eivind Pedersen from Pixabay 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!