Bitcoin and Ethereum drive crypto market cap to exceed $2 trillion

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• Great news! The crypto market capitalization has seen a slight uptick over the last 24 hours.
• BTC and ETH are leading the charge in boosting the market cap.

Exciting updates from the cryptocurrency realm as we witness a rise in market capitalization. The surge is largely thanks to the upward trajectory of Bitcoin [BTC] and Ethereum [ETH], the undisputed giants in the market.

Furthermore, both assets have been garnering significant accumulation volume in recent times.

Bitcoin, Ethereum Fuel Market Growth

Recent data from CoinMarketCap reveals a more than 1% increase in the cryptocurrency market’s capitalization within the past 24 hours.

At present, the market cap stands impressively at over $2.6 trillion. Analysis indicates Bitcoin commands over 53% of this market cap, valued at around $1.4 trillion, while Ethereum holds close to 18% at nearly $463 billion.

Further evaluation shows a nearly $1 trillion spike in market capitalization from the previous month to the current period.

At the close of May, the market cap stood at about $1.54 trillion, soaring to roughly $2.54 trillion now, showcasing an impressive growth of nearly $1 trillion.

Bitcoin, Ethereum Witness Increased Accumulation

Fresh insights point towards a rise in Bitcoin and Ethereum accumulation in recent days. This accumulation aligns with notable price surges, underpinning the boost in market capitalization.

According to data from CryptoQuant, addresses holding between 1,000 and 10,000 Bitcoins have seen a significant rise in reserves.

These wallets jointly harbor more than 3.6 million BTC, showcasing substantial accumulation despite recent price fluctuations.

Moreover, this trend has been sustained since March, with the 1,000 BTC category now representing about 40% of the total Bitcoin supply.

Additional data indicates a surge in Ethereum accumulation by large addresses.

The report showcases an uptrend in accumulation by wallets holding between 10,000 and 100,000 ETH, now possessing over 340,000 ETH valued at more than $1.3 billion.

Ethereum Surpasses Bitcoin in Holder Numbers

While both Bitcoin and Ethereum observe increased accumulation, Ethereum currently boasts a larger number of holders.

As per Santiment data, Ethereum’s holder count has surged to nearly 123 million, far outstripping Bitcoin holders at around 54.2 million.

This suggests Ethereum’s holder base surpasses that of Bitcoin by more than double, possibly influenced by the entry costs associated with these assets.

Bitcoin’s value surge is anticipated to continue, potentially attracting more traders towards alternative assets like Ethereum and others, with possible impacts on market prices.

Reflecting on ETH, BTC Trends in the Last 24 Hours

Recent analysis by AMBCrypto showcases a positive uptick in Ethereum prices on 5th June, registering a 1.48% increase and reaching around $3,866.

Despite challenges, Ethereum has managed to hold its ground within this price bracket, currently hovering around the $3,800 mark with a minor dip of less than 1%.

Furthermore, Ethereum’s Relative Strength Index (RSI) analysis suggests a robust bull trend with its RSI presently surpassing 65.

Bitcoin, on the other hand, has demonstrated positive rebounds in recent days, with the price chart depicting a five-day consecutive climb from around $67,700 to over $71,000.

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