- The cryptocurrency market has shown a slight uptick in the last 24 hours.
- This improvement is mainly attributed to the price increases in Bitcoin (BTC) and Ethereum (ETH).
- Both cryptocurrencies have seen significant accumulation volumes recently.
Explore the latest trends in the crypto market as Bitcoin and Ethereum lead the charge in market capitalization growth.
Bitcoin and Ethereum Fuel Market Capitalization Growth
According to data from CoinMarketCap, the overall market capitalization of cryptocurrencies has risen by over 1% in the past 24 hours. This increase brings the current market cap to more than $2.6 trillion.
Bitcoin alone accounts for over 53% of the market cap, translating to roughly $1.4 trillion, while Ethereum contributes approximately 18%, valued around $463 billion.
Significant Accumulation of Bitcoin and Ethereum
Recent data indicates substantial accumulation of both Bitcoin and Ethereum. Bitcoin, in particular, has seen an increase in the number of wallets holding between 1,000 and 10,000 BTC. These wallets now collectively hold over 3.6 million BTC, a trend that has been observed since March.
Similarly, Ethereum has seen increased accumulation by large holders. Wallets holding between 10,000 and 100,000 ETH now possess over 340,000 ETH, valued at more than $1.3 billion.
Ethereum Surpasses Bitcoin in Number of Holders
Despite the significant accumulation of Bitcoin, Ethereum currently has more holders. According to Santiment, the number of Ethereum holders has surged to nearly 123 million, significantly outpacing Bitcoin’s approximately 54.2 million holders.
This discrepancy is largely influenced by the cost of entry, with Bitcoin’s higher price potentially driving traders toward more affordable alternatives like Ethereum, subsequently influencing their respective market values.
Recent Price Trends for Bitcoin and Ethereum
Recent analyses indicate positive price movements for both Bitcoin and Ethereum. As of June 5th, Ethereum experienced a 1.48% price increase, trading at around $3,866. Despite minor fluctuations, it remains within the $3,800 range.
Bitcoin has similarly demonstrated upward momentum, witnessing a consecutive five-day rise from approximately $67,700 to over $71,000. By the end of trading on June 5th, it was valued at around $71,121, though it has slightly retracted to the $70,000 mark.
Conclusion
The recent market developments underscore the dynamic nature of cryptocurrency investments. With Bitcoin and Ethereum leading the charge in market capitalization and accumulation trends, investors are advised to stay abreast of the latest data. Understanding these trends is crucial for navigating the volatile crypto landscape effectively.
