Bitcoin and Ethereum Drive Cryptocurrency Market Surge
In the volatile world of cryptocurrenciess, Bitcoin and Ethereum have once again taken center stage as the driving forces behind a recent uptick in market capitalization. Over the past 24 hours, the cryptocurrency market has experienced a notable increase, largely fueled by the prices of these two dominant assets.
Market capitalization surpasses $2.6 trillion
According to data from CoinMarketCap, the cryptocurrency market's total market capitalization has surged by over 1% in the last day alone. Currently standing at over $2.6 trillion, this increase represents a significant milestone for the crypto space. Bitcoin commands over 53% of this market cap, totaling approximately $1.4 trillion, while Ethereum holds nearly 18%, valued at around $463 billion.
Market capitalization soars by nearly $1 trillion
Further analysis reveals a staggering increase in market capitalization, jumping by almost $1 trillion since the end of the previous month. At the close of May, the market cap hovered around $1.54 trillion. Fast forward to the present, and it now stands at approximately $2.54 trillion, indicating a remarkable increase in value within a short timeframe.
Accumulation Volume on the Rise
In addition to the surge in market capitalization, both Bitcoin and Ethereum have witnessed a surge in accumulation volume in recent days. This uptick in accumulation coincides with notable price movements, further driving the market's upward trajectory.
Bitcoin Accumulation Trends
Data from CryptoQuant reveals a significant increase in the accumulation of Bitcoin, particularly among wallets holding between 1,000 and 10,000 Bitcoins. These wallets now collectively hold over 3.6 million BTC, signaling substantial accumulation despite recent price fluctuations. This trend has been ongoing since March, with wallets in the 1,000 BTC category now accounting for approximately 40% of the total Bitcoin supply.
Ethereum Accumulation Patterns
Similarly, Ethereum has experienced increased accumulation by large addresses, as indicated by data showing 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 Surpasses Bitcoin in Holder Count
In a noteworthy development, Ethereum has surpassed Bitcoin in terms of holder count. Data from Santiment reveals that the number of Ethereum holders has surged to nearly 123 million, more than double the number of Bitcoin holders, which stands at around 54.2 million. This disparity in holder count could be attributed to the relatively lower cost of entry into Ethereum compared to Bitcoin.
Price Trends in the Last 24 Hours
Despite recent fluctuations, Ethereum has maintained a positive price movement, with a 1.48% increase on June 5th, bringing its price to around $3,866. As of the latest update, Ethereum continues to trade in the $3,800 range, showing resilience with a decline of less than 1%. Analysis of Ethereum's Relative Strength Index (RSI) indicates a strong bull trend, with its RSI remaining above 65.
