How Bitcoin, Ethereum pushed crypto market cap to over $2 trillion
AMBCrypto -
  • The crypto market capitalization has increased slightly in the last 24 hours.
  • BTC and ETH’s price increase contributed to the increase in the market cap.

The cryptocurrency market recently experienced a slight increase in market capitalization. This growth was largely driven by the prices of Bitcoin [BTC] and Ethereum [ETH], which dominate the market.

Additionally, both assets have been experiencing significant accumulation volume recently.

Bitcoin, Ethereum contribute to market increase

According to data from CoinMarketCap, the cryptocurrency market’s market capitalization has increased by over 1% in the last 24 hours.

Currently, the market cap stands at over $2.6 trillion. The analysis revealed that Bitcoin accounts for over 53% of the market cap, amounting to approximately $1.4 trillion, while Ethereum holds nearly 18%, valued at around $463 billion.

Source: CoinMarketCap

Further analysis revealed that the market capitalization increased by almost $1 trillion from the end of last month to now.

At the end of May, the market cap was approximately $1.54 trillion. Currently, it stands at around $2.54 trillion, indicating an increase of nearly $1 trillion.

Bitcoin, Ethereum see increased accumulation

Recent analysis indicates an increase in the accumulation of Bitcoin and Ethereum over the past few days. This accumulation coincides with notable price movements, contributing to the rise in market capitalization.

According to data from CryptoQuant, the wallet reserves holding 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. 

Further analysis showed that this trend has been ongoing since March. Additionally, the wallets in the 1,000 BTC category now account for about 40% of the total Bitcoin supply.

Additionally, data indicates that Ethereum has been experiencing increased accumulation by large addresses.

The chart reveals an upward trend in accumulation from wallets holding between 10,000 and 100,000 ETH. These addresses now hold over 340,000 ETH, valued at more than $1.3 billion.

Ethereum sees more holders than Bitcoin

Bitcoin and Ethereum have both experienced increased accumulation, but Ethereum currently has more holders. 

According to data from Santiment, the number of Ethereum holders has surged in recent years, reaching nearly 123 million. In contrast, the number of Bitcoin holders stands at around 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 could be the cost of entry into these assets.

Currently, Bitcoin’s value has increased again, with predictions of further rises in the future. 

This increase may drive more traders toward alternative assets like Ethereum and others, subsequently impacting the prices of these assets.

How ETH, BTC have trended in the last 24 hours

AMBCrypto’s daily analysis of Ethereum revealed a positive price movement on 5th June, with a 1.48% increase, bringing its price to around $3,866.

Despite recent struggles, Ethereum has managed to stay within this price range. As of this writing, it is still trading in the $3,800 range, with a decline of less than 1%.

Source: TradingView

Additionally, an analysis of Ethereum’s Relative Strength Index (RSI) indicated that it remains in a strong bull trend. As of this writing, its RSI is above 65.

Analysis of the Bitcoin price trend showed positive bounces over the past few days. The chart indicated a five-day consecutive rise, taking its price from around $67,700 to over $71,000. 

Source: TradingView

Read Bitcoin (BTC) Price Prediction 2024-25

By the end of trading on 5th June, Bitcoin was trading at approximately $71,121, marking an increase of almost 1%. As of this writing, it has slightly declined to the $70,000 region, with a decrease of less than 1%.

According to its RSI, BTC remained in a bull trend despite the recent price decline. The RSI was above 60 as of this writing.

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