The total market cap of cryptocurrency assets reached nearly $1.7 trillion today after a strong rally in Bitcoin and Ethereum. A substantial jump in retail demand for Bitcoin and other cryptocurrencies is driving the latest bullish sentiment.
According to the data published by Coinmarketcap, the overall market cap of cryptocurrency assets jumped by approximately $500 billion in the last two weeks. Despite the correction in May and June, the total market cap of digital currencies is still up by nearly 120% since the start of 2021.
Ethereum, the world’s second-most valuable cryptocurrency, saw immense demand in the last week as the price of ETH jumped above $2,800 for the first time since 5 June 2021. Ethereum is now up by more than 15% in the last seven days.
On the other hand, Bitcoin also witnessed strong growth in the last few days. The world’s largest cryptocurrency is currently trading above $40,000 with a market cap of approximately $755 billion.
The crypto market dominance of Ethereum saw a substantial spike in the last week while Bitcoin’s crypto market dominance dropped sharply during the same time. ETH now accounts for nearly 20% of the total market cap of cryptocurrency assets. BTC’s crypto market dominance stands at around 45%.
On-Chain Activity of Cryptocurrency Assets
The network activity of different cryptocurrency assets including Bitcoin and Ethereum has increased rapidly amid a jump in the overall crypto market cap. Large Bitcoin addresses have also increased their BTC accumulation. “Bitcoin addresses that hold 100 to 10,000 BTC currently own 49.11% of the total Bitcoin supply, and they’re still very near the All-Time High of 49.18% made just last week. This key group of whales is one of our most solid indicators to watch,” Santiment mentioned.
“Bitcoin entity-adjusted transaction volume has increased to $7.48B per day over the last 14-days. In particular, transactions over $1M in size (approx. 25 BTC) are on the rise. This represents 46.5% of the total transaction volume,” cryptocurrency analytics platform Glassnode highlighted.
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