Key Points
- The cryptocurrency market capitalization saw a slight increase, driven by the price rise of Bitcoin and Ethereum.
- Both Bitcoin and Ethereum have experienced significant accumulation volume recently.
The cryptocurrency market recently saw a small increase in market capitalization. This growth was primarily due to the price increases of Bitcoin and Ethereum, which are the dominant cryptocurrencies in the market.
Both of these assets have been seeing a significant increase in accumulation volume lately.
Bitcoin and Ethereum Drive Market Increase
According to CoinMarketCap data, the market capitalization of the cryptocurrency market has risen by over 1% in the last 24 hours. The current market cap is over $2.6 trillion. The data shows that Bitcoin accounts for over 53% of the market cap, equal to approximately $1.4 trillion, while Ethereum accounts for nearly 18%, valued at around $463 billion.
Further analysis shows that the market capitalization has 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.
Increased Accumulation of Bitcoin and Ethereum
Recent analysis shows an increase in the accumulation of Bitcoin and Ethereum over the past few days. This accumulation correlates with notable price movements, contributing to the rise in market capitalization.
Data from CryptoQuant indicates that 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 shows 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.
Data also shows 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 Has More Holders Than Bitcoin
Both Bitcoin and Ethereum have 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.
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.
ETH, BTC Price Trends 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%.
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.
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.
