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BTC's 'Realized' Market Cap Hits All-Time High of $378 Billion

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BTC's 'Realized' Market Cap Hits All-Time High of $378 Billion

BTC’s “realized” market capitalization reached an all-time high of $378 billion today, according to data from metrics site Glassnode.

Realized market cap measures the size of BTC’s active market cap. The measurement ignores stashes of BTC that haven’t changed hands for a long time, such as the dormant riches of BTC creator Satoshi Nakamoto, whales, lost coins or long-time HODLers.

To calculate realized market cap, data metrics platforms like Glassnode assign time-sensitive values to coins. If a coin last moved in 2018, when the price of BTC was $6,000, that coin is priced at $6,000 rather than today’s price.

The standard measurement of market capitalization is a multiplication of all the coins in circulation by the current price of the coin. BTC’s total market cap is $880 billion, according to CoinGecko.

Realized market cap provides a clearer estimation of the size of the “active” BTC market. That BTC’s realized market cap hit its all-time high when BTC’s price is still far from its peak of $64,800 suggests that there’s never been as much “active” money in BTC.

The spike in realized market cap coincides with BTC hitting $48,000, its highest price since the market crash that began in mid-May. BTC has increased by 9.5% this week and 42.5% this month. Shortly after hitting $48,000, BTC fell sharply to $46,700.

BTC Mining Gets 7.3% More Difficult After Latest Adjustment

Another sign of the hubbub is BTC’s latest mining difficulty adjustment. In its latest fortnightly change, the BTC network made mining 7.3% more difficult yesterday to account for the increased competition among miners.

The adjustment was the second consecutive positive change after two months of drops; the drops followed a crackdown on BTC mining in China, which also cut BTC’s price in half. Today’s all-time high for BTC’s realized market cap shows traders are clawing back their coin.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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