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BTC 
ETH Key Points
The total cryptocurrency market value increased by approximately US$113 billion in this round of gains.
Bitcoin is the main force driving market value growth.
Ethereum rose simultaneously, further strengthening the overall momentum of the market.
Bitcoin and Ethereum led the surge in market value
Bitcoin drove most of the total market value growth, and as the largest cryptocurrency, its price climbed to around US$64,000 amid the biggest inflation slowdown in six years. Ethereum followed Bitcoin's rise and simultaneously increased its overall market value rather than lagging behind. Ethereum has once again gained attention, which coincides with the continued increase in ETH holdings by institutions. For example, Bitmine purchased another 9,926 ETH units. Institutional demand for these two assets is still visible, from Gemini's increase in its bitcoin reserves to 5,528 BTC to the active performance of major Ethereum Layer 2 networks.
What this rally means for the broader market
The rise in total market capitalization is a market-wide signal that risk appetite is improving, rather than just concentrating on one asset. This trend followed the release of inflation data and suggested that the macro environment was driving the market shift. It is still difficult to fully verify the scale of this change from a single reliable source. Traders need to pay attention to whether Bitcoin and Ethereum can hold on to the increase and drive other small tokens to follow suit.
Disclaimer: This article is for information only and does not constitute any financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Please be sure to study for yourself before making a decision.
