Bitcoin
How Bitcoin and Ethereum raised the market value of cryptocurrencies to over $2 trillion
- The crypto market capitalization has increased slightly in the last 24 hours.
- The increase in the price of BTC and ETH contributed to the increase in market value.
The cryptocurrency market has recently experienced a slight increase in market capitalization. This growth was largely driven by the prices of Bitcoin [BTC] It is Ethereum [ETH]that dominate the market.
Additionally, both assets have experienced significant accumulation volume recently.
Bitcoin, Ethereum contribute to market increase
According to data from CoinMarketCapthe market capitalization of the cryptocurrency market has increased by more than 1% in the last 24 hours.
Currently, the market value is more than US$2.6 trillion. The analysis revealed that Bitcoin represents more than 53% of the market value, totaling approximately US$ 1.4 trillion, while Ethereum holds almost 18%, valued at around US$463 billion.
Source: CoinMarketCap
Further analysis revealed that the market capitalization has increased by almost 1 billion dollars since the end of last month until now.
At the end of May, the market value was approximately US$1.54 trillion. It is currently around $2.54 trillion, indicating an increase of almost $1 trillion.
Bitcoin and Ethereum See Increased Accumulation
Recent analyzes indicate an increase in the accumulation of Bitcoin and Ethereum in recent days. This accumulation coincides with notable price movements, contributing to the increase in market capitalization.
According to data from CriptoQuantwallet reserves of between 1,000 and 10,000 Bitcoins have been increasing.
These wallets now collectively hold over 3.6 million BTC, indicating substantial accumulation despite recent price fluctuations.
A more in-depth analysis showed that this trend has continued since March. Furthermore, wallets in the 1,000 BTC category now represent around 40% of the total Bitcoin supply.
Additionally, data indicate what Ethereum has been experiencing an increase in accumulation by large addresses.
The graph reveals an upward trend in the accumulation of portfolios with between 10,000 and 100,000 ETH. These addresses now hold over 340,000 ETH, valued at over $1.3 billion.
Ethereum sees more holders than Bitcoin
Bitcoin and Ethereum have experienced increased accumulation, but Ethereum currently has more holders.
According to data from Santiment, the number of Ethereum holders has increased in recent years, reaching almost 123 million. In contrast, the number of Bitcoin holders is around 54.2 million.
Source: Santíment
This indicates that the number of Ethereum holders is more than double the number of Bitcoin holders. One of the main reasons for this could be the cost of entry into these assets.
Currently, the value of Bitcoin has increased again, with predictions of new highs in the future.
This increase could drive more traders towards alternative assets like Ethereum and others, subsequently impacting the prices of these assets.
What is the trend of ETH and BTC in the last 24 hours
AMBCrypto Daily Analysis Ethereum revealed a positive price movement on June 5th, with an increase of 1.48%, taking its price to around $3,866.
Despite recent difficulties, Ethereum has managed to remain in this price range. At the time of writing, it is still trading in the $3,800 range with a decline of less than 1%.
Source: TradingView
Furthermore, an analysis of Ethereum’s Relative Strength Index (RSI) indicated that it remains in a strong uptrend. As of this writing, its RSI is above 65.
Analysis of Bitcoin the price trend has shown positive jumps in recent days. The chart indicated a five-day consecutive increase, taking its price from around $67,700 to over $71,000.
Source: TradingView
To read Bitcoin (BTC) Price Prediction 2024-25
At the end of trading on June 5, Bitcoin was trading at approximately $71,121, marking an increase of nearly 1%. At the time of writing, it has dropped slightly to the $70,000 region with a drop of less than 1%.
According to its RSI, BTC has remained in an uptrend despite the recent price drop. The RSI was above 60 at the time of writing this article.