- BTC and Ethereum lead the 7-day increase metric.
- BTC and ETH have contributed to the increase in overall market capitalization.
Over the past seven days, both Bitcoin [BTC] and ether [ETH] witnessed price increases, resulting in an impact on their respective market capitalization. Moreover, the observed growth in these two assets has also contributed favorably to the overall market capitalization.
Bitcoin and Ethereum lead to a rise in the market
According to CoinMarketCap data, Bitcoin and Ethereum have shown substantial value growth among the top assets over the past seven days. As of this writing, BTC is up about 7%, while ETH is up over 6%.
A more detailed analysis revealed that BTC’s market capitalization witnessed an increase of over $60 billion over the past week. The market cap shifted from about $845 billion on February 3 to about $908 billion on February 9.
Similarly, the examination of ETH market capitalization showed a notable upward trend over the past seven days. Between February 3 and February 9, the market capitalization increased from approximately $276 billion to approximately $295 billion, reflecting an increase of approximately $19 billion.
The market cap of Bitcoin and Ethereum increases the overall market cap
At the time of writing, Bitcoin and Ethereum had market dominance figures of approximately 52% and 17% respectively. This implied that any fluctuations in their market capitalization would have a significant impact on the overall market.
Based on the analysis of market capitalizations on CoinMarketCapBTC and ETH saw an increase of approximately $79 billion over the past seven days. This showed that the combined contributions of BTC and ETH were responsible for adding $79 billion to the total market capitalization.
As of this writing, the overall market cap is up about 1.7% to about $1.7 trillion.
How BTC and ETH developed
At the time of writing this, Bitcoin was trading at around $46,200 on the daily timeframe chart. A review of the graphs showed that the economy has grown by more than 2%, marking the fifth consecutive day of increase.
Furthermore, the Relative Strength Index (RSI) suggests that the index is approaching the overbought zone at the time of writing.
Source: trading view
How much are 1,10,100 ETHs worth today?
Furthermore, a survey of Ethereum on the daily time frame showed it trading with an increase. At the time of writing this article, the stock was trading around $2,454, showing an upside of around 1.45%.
It is notable that ETH has not shown the same seamless rise as BTC, but has still witnessed a rise.
Source: trading view