In the most recent surge, Bitcoin breaks through the $56,000 barrier

Bitcoin's price surged over 10% in two days, crossing $54,000 for the first time since December 2021, following MicroStrategy's $155 million acquisition of 3,000 bitcoins.

The largest cryptocurrency in the world by market capitalization, Bitcoin, continued its upward trend in Asian trade on Tuesday, hitting a two-year high of nearly $56,000 and boosting the whole cryptocurrency market amid encouraging market developments and purchases from bulls in the space.

According to data from CoinMarketCap, the price of bitcoin rose by more than 10% in only two days after software and cryptocurrency investment business MicroStrategy said on Monday that it had bought over 3,000 bitcoins for $155 million.

The largest owner of bitcoin that is currently openly traded is MicroStrategy, a Virginia-based company. Earlier this month, the corporation disclosed that it held over 190,000 cryptocurrency tokens, which are now valued at over $10.5 billion.

Greta Yuan, head of research at digital asset platform VDX, said that a "new record of Bitcoin ETF inflows" and "crypto bulls like MicroStrategy" had "encouraged" the market.

The recent surge helped the majority of the Bitcoin market. The value of Ethereum, the second-largest cryptocurrency by market capitalization, surged beyond $3,200 for several months.

U.S. trading volume for equities linked to cryptocurrencies increased as well. On Monday, MicroStrategy and Coinbase, a San Francisco-based cryptocurrency exchange, both increased by more than 16%, and they kept rising in aftermarket trading.