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How Bitcoin, Ethereum pushed crypto market cap to over $2 trillion

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Bitcoin and Ethereum saw a price increase recently, but what has seen more increase is their volume of accumulation.

Bitcoin and Ethereum have seen an increase in price and accumulation recently, but the number of holders tells another story.The cryptocurrency market recently experienced a slight increase in market capitalization. This growth was largely driven by the prices ofFurther analysis revealed that the market capitalization 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.and Ethereum over the past few days. This accumulation coincides with notable price movements, contributing to the rise in market capitalization.These wallets now collectively hold over 3.6 million BTC, indicating substantial accumulation despite recent price fluctuations.

Further analysis showed 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. 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.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.

By the end of trading on 5th June, Bitcoin was trading at approximately $71,121, marking an increase of almost 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.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.

 

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