BTC and Ethereum lead the 7-day increase metric
Bitcoin and Ethereum have experienced significant price increases in the past week, resulting in positive impacts on their respective market caps.
Bitcoin and Ethereum lead market increase
According to CoinMarketCap, Bitcoin and Ethereum have shown substantial value growth in the top assets category over the last seven days. BTC has seen an increase of 7% and ETH has increased by over 6%.
In terms of market cap, BTC has witnessed a rise of over $60 billion, moving from around $845 billion to about $908 billion. Similarly, the market cap of ETH has increased from about $276 billion to around $295 billion, marking a rise of around $19 billion.
Bitcoin and Ethereum’s market cap boost general market cap
The market dominance figures for Bitcoin and Ethereum currently stand at approximately 52% and 17% respectively. This means that any fluctuations in their market caps greatly influence the overall market.
Based on the market cap analysis by CoinMarketCap, BTC and ETH have contributed a combined $79 billion increase to the overall market cap in the last seven days. As a result, the general market cap has risen by about 1.7% to reach approximately $1.7 trillion.
How BTC and ETH have trended
Currently, Bitcoin is trading at around $46,200 on the daily timeframe chart, representing a growth of over 2%. This marks the fifth consecutive day of increase for BTC. At the same time, the Relative Strength Index (RSI) suggests that it is nearing the overbought zone.
On the other hand, Ethereum is trading at around $2,454 on the daily timeframe, showcasing a rise of about 1.45%. While it has not experienced the same smooth increase as BTC, it has still observed positive growth.
In summary, both Bitcoin and Ethereum have seen significant price increases in the last week, leading to positive impacts on their market caps and the overall cryptocurrency market. BTC and ETH have contributed a combined $79 billion increase to the market cap, resulting in a 1.7% rise to approximately $1.7 trillion.
Analyst comment
Positive news:
Bitcoin and Ethereum have experienced significant price increases in the past week, resulting in positive impacts on their respective market caps. BTC has seen a 7% increase and ETH has increased by over 6%. The market caps of both BTC and ETH have also risen, with BTC witnessing a rise of over $60 billion and ETH increasing by around $19 billion. BTC and ETH’s market cap boost has contributed to a 1.7% rise in the overall market cap, reaching approximately $1.7 trillion.
As an analyst, it is expected that the market will continue to show positive momentum as Bitcoin and Ethereum’s price increases and market cap boosts contribute to overall market growth.
