How Bitcoin and Ethereum Pushed the Crypto Market Cap to Over $2 Trillion

• The market capitalization of cryptocurrencies has increased slightly over the past 24 hours.
• The increase in the prices of BTC and ETH contributed to the increase in market capitalization.

The cryptocurrency market has recently seen a slight increase in market capitalization. This growth was largely driven by the prices of Bitcoin [BTC] And Ethereum [ETH]who dominate the market.

Additionally, both assets have recently seen significant accumulation volume.

Bitcoin and Ethereum contribute to the market rise

According to data from CoinMarketCapThe market capitalization of the cryptocurrency market has increased by more than 1% in the last 24 hours.

Currently, the market capitalization stands at over $2.6 trillion. The analysis revealed that Bitcoin represents more than 53% of market capitalization, or approximately $1.4 trillion, while Ethereum holds nearly 18%, valued at approximately $463 billion.

Source: CoinMarketCap

Further analysis revealed that the market capitalization increased by almost $1 trillion between the end of last month and today.

At the end of May, the market capitalization was around $1.54 trillion. Currently, it stands at around $2.54 trillion, an increase of almost $1 trillion.

Bitcoin and Ethereum See Increased Accumulation

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

According to data from CryptoQuantwallet reserves holding between 1,000 and 10,000 Bitcoins have increased.

These wallets now collectively hold over 3.6 million BTC, indicating substantial accumulation despite recent price fluctuations.

Further analysis showed that this trend has continued since March. Additionally, wallets in the 1000 BTC category now represent around 40% of the total Bitcoin supply.

In addition, the data indicates that Ethereum is experiencing an increased accumulation of large addresses.

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

Ethereum sees more holders than Bitcoin

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

According to Santiment data, the number of Ethereum The number of holders has increased in recent years, reaching almost 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. One of the main reasons could be the cost of entry into these assets.

Currently, the value of Bitcoin has increased again, and further increases are expected in the future.

This increase could cause more traders to turn to alternative assets like Ethereum and others, which would impact the prices of these assets.

What has been the evolution of ETH and BTC over the last 24 hours

AMBCrypto daily analysis of Ethereum revealed a positive price action on June 5, with an increase of 1.48%, bringing its price down to around $3,866.

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

Source: TradingView

Additionally, an analysis of Ethereum’s relative strength index (RSI) indicated that it remains in a strong uptrend. At the time of writing, its RSI is above 65.

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

Source: TradingView

Read Bitcoin (BTC) Price Prediction 2024-25

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

According to its RSI, BTC remained in an uptrend despite the recent price drop. The RSI was above 60 at the time of writing.

Source