In the last 24 hours, there was a slight recovery in total market capitalization for cryptocurrencies. The market capitalization for digital assets has remained steady at $2 trillion, which is an important level.
Bitcoin, the largest cryptocurrency asset in the world, has gained almost 1% over the past 24 hours. BTC trades at $44,000 and has a market capitalization of more than $830 billion. Ethereum, the second-largest cryptocurrency in the world, remained steady at $3,000.
CNBC’s Mike Novogratz, founder and CEO of Galaxy Digital, stated that Bitcoin’s $40,000 price point is crucial for its growth. The former manager of a hedge fund stated that $2800 is an important price level for Ethereum. Despite recent drops, both cryptocurrency assets have managed to remain above the previously mentioned price levels.
In 2021, the cryptocurrency market cap grew by more 150%. The overall growth in crypto market cap has been influenced by other factors, such as Bitcoin and Ethereum. Additionally, strong gains were seen in cryptocurrency assets such as Cardano and Solana.
On-Chain Activity of Cryptocurrency Assets
Despite recent volatility, Ethereum and Bitcoin have seen significant network activity increase in the past few days. Since August 2021, the BTC mining hashrate has experienced significant growth. “The Bitcoin whale millionaire level is holding on to their week-long holding pattern. Santiment pointed out that the dumping of 100 to 10k BTC accounts around the $51k-$52k level was accumulated as prices fell. Now we are watching closely for the next moves.
The number of daily active addresses for the second-largest cryptocurrency asset in the world has increased over the past five days. ETH whale activity hit its highest point in several weeks after Ethereum whales transferred $1 billion worth cryptocurrency in less than 24 hours. Finance Magnates recently reported a $215 million transaction that involved the movement of 71.191 ETH coins.