Analyzing the Bitcoin, Ethereum price surge

  • February 10, 2024

  • BTC and Ethereum lead the 7-day increase metric.
  • BTC and ETH have contributed to the increase in the general market cap.

Over the last seven days, both Bitcoin [BTC] and Ethereum [ETH] witnessed price increases, consequently impacting their respective market caps. Furthermore, the growth observed in these two assets has contributed favorably to the overall market cap as well.

Bitcoin and Ethereum lead market increase

According to CoinMarketCap data, Bitcoin and Ethereum have exhibited substantial value growth among the top assets in the past seven days. At the time of this writing, BTC has increased by about 7%, while ETH has increased by over 6%. 

A more detailed analysis showed that during the last week, the market cap of BTC witnessed a rise of over $60 billion. The market cap moved from around $845 billion on 3rd February to about $908 billion on 9th February.

Similarly, examining the ETH market cap showed a notable uptrend in the past seven days. Between 3rd February and 9th February, the market cap increased from about $276 billion to around $295 billion, reflecting a rise of around $19 billion.

Bitcoin and Ethereum’s market cap boost general market cap

At the time of this writing, Bitcoin and Ethereum held market dominance figures of about 52% and 17%, respectively. This implied that any fluctuations in their market caps would substantially impact the overall market. 

Based on the analysis of market caps on CoinMarketCap, BTC and ETH saw an increase of around $79 billion in the past seven days. This showed that the combined contributions of BTC and ETH accounted for a $79 billion addition to the overall market cap.

At the time of this writing, the general market cap has risen by about 1.7%, reaching around $1.7 trillion.

How BTC and ETH have trended

At the time of this writing, Bitcoin traded at about $46,200 on the daily timeframe chart. A chart review showed that it has experienced a growth of over 2%, marking the fifth consecutive day of increase.

Additionally, the Relative Strength Index (RSI) suggests that it is nearing the overbought zone at the time of this writing. 

Bitcoin daily timeframe price

Source: Trading View

 How much are 1,10,100 ETHs worth today

Furthermore, an examination of Ethereum on the daily timeframe showed it was trading with an increase. At the time of this writing, it was trading at around $2,454, showcasing a rise of about 1.45%.

It is noteworthy that ETH has not displayed the same seamless increase as BTC but has witnessed an increase nonetheless.

Ethereum price trends

Source: Trading View


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Source: https://ambcrypto.com/week-in-review-analyzing-the-bitcoin-ethereum-price-surge/

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