Bitcoin’s [BTC] realized cap goes sky-high while another key metric plunges
- Bitcoin’s realized market capitalization experienced substantial shifts, reaching $389.4 billion, but relative growth showed a diminishing trend across epochs.
- Despite small recovery attempts, Bitcoin’s current price remains below $27,000, indicating a persistent bearish trend.
In the ever-fluctuating realm of Bitcoin[BTC], its market capitalization dances to the tune of price swings. Nevertheless, assessing its cap and gauging its progress or decline can be approached from various angles.
Read Bitcoin (BTC) Price Prediction 2023-24
As per insights from Glassnode, the realized capitalization of BTC witnessed substantial shifts throughout its existence, and here was its present state.
Bitcoin epoch 4 realized market cap hits $200 billion
Fresh insights from Glassnode unveiled a compelling narrative of Bitcoin’s realized capitalization experiencing growth following its halving event.
This metric revealed a cyclical pattern, where each successive epoch witnessed a surge in the Bitcoin realized cap. The ongoing epoch showcased an impressive capital inflow of $282.8 billion.
Analyzing the chart provided insight into the realized cap milestones achieved in previous epochs.
At Epoch 1, the realized cap stood at a modest $74 million, swiftly escalating to $5.5 billion during Epoch 2. Further progression led to a substantial leap to $102.3 billion on Epoch 3. As of the time of writing, it was at Epoch 4.
To grasp the concept behind realized cap, it is crucial to comprehend that it calculates the collective value of a cryptocurrency network by summing up the market value of each unit of the asset based on the price at which it was last transferred.
In essence, the realized cap reflects the comprehensive value of the cryptocurrency network based on the actual buying and selling prices executed by investors.
Bitcoin’s relative growth declines as realized cap climbs
According to the latest data from Glassnode, the current Realized Market for Bitcoin exceeded a substantial value of $389.4 billion. It’s worth noting that this figure differs from the absolute realized cap.
While the realized cap may seem to exhibit growth, a closer examination of relative growth revealed a diminishing trend across Epochs.
At the time of writing, the ongoing cycle witnessed a significant expansion of 362%. Epoch 1 recorded a 42495% expansion for context.
Current market cap and price trend
A closer look at the daily timeframe chart indicated that Bitcoin made small recovery attempts over the past 24 hours. As of this writing, it was trading at approximately $26,900, showcasing a slight gain and approaching the $27,000 mark.
However, it’s important to note that Bitcoin’s Relative Strength Index (RSI) remained below 40, signaling an ongoing bearish trend.
How much are 1,10,100 BTCs worth today
According to the latest data from CoinMarketCap, Bitcoin’s current market cap surged close to $520 billion, emphasizing its significant presence in the market.
This value represented over 46% of the total market cap, highlighting Bitcoin’s dominance. It’s noteworthy that the overall crypto market cap stands slightly above $1 trillion at present.