Benzinga | Oct 6, 2021 04:14PM EDT

Bitcoin Charges Back In The Trillion Dollar Asset Club

Bitcoin's (CRYPTO: BTC) 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 (NASDAQ: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 (NYSE:USB)-owned U.S. Bank's new crypto custody service and Bank of America Corp.'s (NYSE: BAC) releasing its first crypto research report admitting that the market is too big to ignore.

Image by Eivind Pedersen from Pixabay