Cryptocurrency Market Cap Reaches $1.7 Trillion

The total market cap of cryptocurrency assets has 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term is driving the latest bullish sentiment.

According to the data published by Coinmarketcap, the overall market cap of cryptocurrency assets has 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, has seen 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 has 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 has seen 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. Additionally, large Bitcoin addresses have 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,” the cryptocurrency Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term platform, Glassnode highlighted.