Bitcoin Surges Above $56,000, Hits $1 Trillion Market Cap

  • On Friday, Bitcoin hit a market capitalization of $1 trillion as it rose to yet another record high. The record countered analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.

  • It is said to be the world’s most popular cryptocurrency and rose to a record $56,620, taking its weekly gain to 18%. It is believed to have surged more than 92% this year.

  • Its gains have been fuelled by signs of gaining acceptance among mainstream investors and companies, ranging from Tesla and Mastercard Inc. to BNY Mellon.

  • John Wu, the president of AVA Labs stated “If you really believe there’s a store of value in bitcoin, then there’s still a lot of upside”.

  • He further added “If you look at gold, it has a market cap of $9 or $10 trillion. Even if bitcoin gets to half of gold’s market cap, there’s still growth of 4X, or $200,000. So, I don’t know when it stops rising”.

  • Jacob Skaaning, portfolio manager at crypto hedge fund ARK36 stated that overtaking Alphabet Inc, currently valued at $1.431 trillion is said to be the next milestone.

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