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Bitcoin (BTC) digital currency remains in the news due its huge swings in market value. Climbing towards $14,000 earlier this month, it has settled back into the range of $10,000 in recent trading. The average investor in the US probably knows of bitcoin and may even be following this wild ride. However, there is still some major hesitation to jump on board the BTC bandwagon given its credibility issues among the mainstream.
In a recent post from Decrypt reprinted on Yahoo Finance, the topic of BTC realized market cap was discussed. Considered to be a key metric for bitcoin, the realized market cap is at an all-time high at more than $93 billion.
The ‘realized cap’ was first developed by Coin Metrics. It was designed to provide a more useful measure of value for Bitcoin and the entire crypto network. Traditional financial markets commonly refer to market caps for their traded products such as stocks and bonds. Crypto market trading creates a unique set of circumstances. Digital coins can be lost or inaccessible for various reasons.
Bitcoin creator Satoshi Nakamoto has reportedly lost millions of bitcoins in addresses that will never be recovered. However, they are still counted in market cap figures. This works to add millions of dollars to existing valuation figures. The realized cap only looks at the value of coins from when they last moved.
For example, if BTC value today is $9,500 as compared to $3,800 back in March, the realized value is $93 billion. The eliminates the $0 value from any lost bitcoins. The realized cap aims to create a better valuation process. Since it is based on coins that have actually moved in value, it diminishes the value of lost or unobtainable coins.
This valuation process has bitcoin at an all-time high. The $93 billion value even exceeds the bitcoin explosion back in 2017 when traded market prices neared $20,000. That is saying something for a coin that is half the price of its all-time high. This may not stop the wild price swings of BTC in the open market. All market prices are driven by factors directly related to industry bears verse the bulls.
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