Retail investors continue to rise, addresses containing small amounts of BTC and ETH reached new highs
The cryptocurrency market has been in recovery since the major collapse in March, when major cryptocurrencies and alternative currencies experienced a 50% loss in market capitalization in a day.
Four months later, Bitcoin and Ethereum They lead the group with significant increases amid the global economic downturn with Bitcoin's market capitalization increasing, almost at the same level it saw before a rapid collapse.
Ethereum is also surprisingly experiencing gains as it registers an increase in new address holders. There has also been an increase in the number of new wallet addresses on the Ethereum network.
Bitcoin market performance
Over the course of four months, Bitcoin has experienced tremendous network growth. Coinmetrics Statistics They show that nine leading cryptocurrencies along with Bitcoin saw an increase in market capitalization. As expected, Bitcoin took the lead in securing a whopping $ 188.76 billion on February 14.
That has been Bitcoin's highest market capitalization since the year began. Shortly after the decline in March, market capitalization started to rise and made a full recovery on June 1 with an impressive $ 187.58 billion. Currently, market capitalization has decreased slightly by 11.8% on a weekly basis.
Trading prices, on the other hand, have also increased, albeit quite slowly, Bitcoin rose to $ 10,167 in the first week of June and since then it has remained above the $ 9,000 mark. Statistics have also shown that Bitcoin's wallet addresses have increased dramatically over time.
Although according to coin metric data, the largest increase in daily wallet usage was the highest in 2018, the past few months have seen an increase in new accounts, starting from just 0.7 million to 1.5 million from the last 6 months.
Ethereum market price performance
Ethereum's market cap started below the $ 20 billion mark and dropped significantly after March, but a market cap has seen in June that shot up to $ 27.69 billion since the start of the new month.
User addresses have also been triggered on the network. Operators active on the network are currently targeting higher levels than previously seen in January 2018. The seven-day moving average shows that users reach up to 500k. As transactions continue to rise, fee charges have also skyrocketed with two abnormal cases of users who spend up to $ 2.6 million on transaction fees.
Since then, Stablecoins have outperformed, with Tether (USDT) taking the first row as BTC / USDT pairs have skyrocketed on 6 leading exchanges including Binance and Bitfinex. Meanwhile, altcoins like Bitcoin Cash and Litecoin have been taking a downward trend. Even with an 11.3% increase in wallet addresses, "Coin metrics indicate that most other BCH chain metrics fell, including a 46.8% drop in transactions."