- The crypto market capitalization has risen slightly over the past 24 hours.
- The price increase of BTC and ETH contributed to the increase in market capitalization.
The cryptocurrency market recently experienced a slight increase in market capitalization. This growth was largely driven by Bitcoin prices [BTC] and ether [ETH]that dominate the market.
Furthermore, both assets have seen significant accumulation volume recently.
Bitcoin and Ethereum contribute to market growth
According to data from CoinMarketCapthe market capitalization of the cryptocurrency market has increased by more than 1% in the past 24 hours.
Currently, the market capitalization is over $2.6 trillion. The analysis found that Bitcoin accounts for over 53% of the market capitalization, which amounts to approximately $1.4 trillion, while Ethereum holds almost 18%, with a value of approximately $463 billion.
Source: CoinMarketCap
Further analysis showed that the market capitalization has increased by almost $1 trillion between the end of last month and now.
At the end of May, the market cap was approximately $1.54 trillion. Currently it is about $2.54 trillion, indicating an increase of almost $1 trillion.
Bitcoin and Ethereum are seeing increased accumulation
Recent analyzes indicate an increase in Bitcoin and Ethereum accumulation in recent days. This accumulation coincides with notable price movements, contributing to the increase in market capitalization.
According to data from CryptoQuantportfolio reserves have increased by between 1,000 and 10,000 Bitcoins.
These wallets now collectively hold over 3.6 million BTC, indicating significant accumulation despite recent price fluctuations.
Further analysis showed that this trend has been continuing since March. Furthermore, wallets in the 1,000 BTC category now account for approximately 40% of the total Bitcoin supply.
Additionally, data indicate this that Ethereum is experiencing increasing accumulation by large addresses.
The chart shows an upward trend in the accumulation of portfolios containing between 10,000 and 100,000 ETH. These addresses now hold over 340,000 ETH, worth over $1.3 billion.
Ethereum sees more holders than Bitcoin
Bitcoin and Ethereum have both experienced greater accumulation, but Ethereum currently has more holders.
According to data from Santiment, the number of Ethereum holders has skyrocketed in recent years to almost 123 million. In contrast, the number of Bitcoin holders is approximately 54.2 million.
Source: Santiment
This indicates that the number of Ethereum holders is more than double that of Bitcoin holders. A major reason for this may be the cost of accessing these assets.
Currently, the value of Bitcoin has risen again, with predictions of further increases in the future.
This surge could drive more traders to alternative assets like Ethereum and others, which could then impact the prices of these assets.
How ETH and BTC moved in the last 24 hours
AMBCrypto’s daily analysis of Ethereum revealed positive price movement on June 5, with an increase of 1.48%, bringing the price to around $3,866.
Despite recent problems, Ethereum has managed to stay within this price range. At the time of writing, the stock is still trading around $3,800, down less than 1%.
Source: TradingView
Furthermore, an analysis of Ethereum’s Relative Strength Index (RSI) indicated that it is still in a strong bull trend. At the time of writing, the RSI is above 65.
Analysis of the price development of Bitcoin showed positive rebounds in recent days. The chart showed an increase in five days in a row, with the price rising from about $67,700 to over $71,000.
Source: TradingView
Read Bitcoin (BTC) price prediction 2024-25
By the end of trading on June 5, Bitcoin was trading at around $71,121, up almost 1%. At the time of writing, the price has fallen slightly to the $70,000 mark, down less than 1%.
According to the RSI, BTC remained in a bull trend despite the recent price drop. At the time of writing, the RSI was above 60.