Bitcoin Realized Cap At All-Time High As Price Hits $77,000 For The First Time
09 Novembre 2024 - 3:00PM
NEWSBTC
The Bitcoin price and the entire crypto market have been on a tear
since the outcome of the United States elections was announced in
the early hours of Wednesday, November 6. The premier
cryptocurrency specifically has breached and printed new all-time
high prices over the past few days. Interestingly, the price of BTC
has shown no signs of weakness going into the weekend, with the
market leader forging a new record high above $77,000 on Friday,
November 8. While the hot streak of the Bitcoin price can be
attributed to the latest victory of former president Donald Trump
in the US, on-chain data suggests that this rally has been a long
time coming. BTC’s Realized Cap Experiences Largest Increase In Two
Years One of the latest on-chain metrics to offer an interesting
insight into the meteoric rise of Bitcoin’s price is the realized
cap indicator. In a November 8 post on the X platform, blockchain
analytics firm Glassnode revealed that Bitcoin’s realized cap
recently reached a new all-time high of $656 billion. Related
Reading: Dogecoin Price Forecast: Analyst Says Downside Is
Minimized As 1M, 3M, And 6M Candles Turn Bullish For clarity, the
realized cap metric measured the value of each Bitcoin as at the
last time they were transacted. This offers a more interesting way
to evaluate the cost basis (the time in which the coins changed
hands) as opposed to the regular market capitalization, which is
derived by multiplying the total number of circulating coins by the
current market price. Data from Glassnode shows that the Bitcoin
realized cap witnessed a 3.8% upswing in the past 30 days, which
represents one of the metric’s largest increases since January
2023. As shown in the chart below, this metric has been
experiencing positive growth since the start of the year, as the
30-day net change has mostly been green. It is worth mentioning
that the realized cap metric also represents the amount of capital
flowing in and out of the flagship cryptocurrency. The latest
increase reflects a net capital inflow of over $2.5 billion in the
past month, suggesting the entry of new investors — both retail and
institutional investors. With the realized cap and Bitcoin price
consolidating over the past few months, a sudden increase of the
former to $656 billion suggests that the premier cryptocurrency
might be moving from the “reaccumulation” phase to a markup phase.
Ultimately, a continuation of the capital inflow trend could
sustain the increase in the Bitcoin price over the next couple of
months. Bitcoin Price At A Glance As of this writing, the price of
Bitcoin is valued at around $76,700, having lost its hold above the
historical $77,000 level. According to CoinGecko data, the market
leader is up by an impressive 10% in the past week. Related
Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still
Outpacing ETH – Time To Buy Altcoins? Featured image created by
Dall.E, chart from TradingView
Ethereum (COIN:ETHUSD)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Ethereum (COIN:ETHUSD)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024