Total crypto market capitalization is up by around 0.9%, reaching approximately $2.2 trillion. Bitcoin has gained about 1% over the past 24 hours and is trading near $63,000, while Ethereum is up around 2%, holding near the $1,600 area. However, both assets remain down by double digits on a weekly basis.
Larger altcoins are also showing modest gains. XRP and Solana have each risen by around 2.6%, indicating that the market may be trying to recover after the recent correction.
“The best argument for buying Bitcoin”
On-chain data points to growing accumulation. Wallets holding between 1,000 and 10,000 BTC have added more than 53,000 BTC over the past 60 days. Smaller investors are also increasing their exposure. According to Glassnode data, the Accumulation Trend Score for wallets holding less than 0.1 BTC stands at 0.78, signaling continued buying activity.
Among larger market participants, positioning remains mixed. While small and medium-sized investors are accumulating Bitcoin, wallets holding more than 10,000 BTC are reducing their balances. Overall, this suggests a shift in demand within the market rather than a uniform return of buying pressure.
Crypto analyst Michaël van de Poppe also points to weak momentum indicators. The Relative Strength Index is currently at historically low levels, which has often coincided with phases of increased accumulation in the past. According to van de Poppe, this is “the best argument for accumulating and buying Bitcoin.”
