REALIZED BTC MARKET CAP FINALLY REACHES 3 FIGURES
Data from monitoring resource Coinmetrics.io showed that as of August 25, Bitcoin’s realized market cap had hit $100 billion.
The milestone for that particular metric is especially significant, as a three-figure implied cap has never previously appeared.
In recent weeks, the total circled $90 billion, before finally making its symbolic step over the weekend.
Realized market cap differs in its calculation from standard market cap. The time since each coin last moved is multiplied by the value of the transaction in which it moved. The result gives a value which some commentators say more fairly shows how dominant Bitcoin in fact is within cryptocurrency.
“As a measure of economic significance, I much prefer it to ‘market cap’, which counts as relevant the 15-20% of coins which are likely permanently lost,” Nic Carter, the commentator and venture fund partner who incubated Coinmetrics commented on the data.
“By realized cap’s estimate, Bitcoin is the biggest it has ever been (but much smaller than the $300b mkt cap implied at peak).”
Nick Szabo, the veteran cryptographer, argued the move above $100 billion reinforced Bitcoin’s standing.
“The long-term chart reflects the superior deep safety, global seamlessness, and monetary soundness of Bitcoin,” he wrote on Monday.
ALTCOINS PAY PRICE OF BITCOIN’S ACHIEVEMENTS
As Bitcoinist reported, Bitcoin’s ascent to a $90 billion realized cap came despite its value in USD terms dropping.
The period since the event occurred in July has so far failed to break that trend, BTC/USD drifting sideways between $9000 and $12,000.
This week, however, the mood among analysts once again began showing signs of change. According to Max Keiser, a brief wick to $10,600 earlier on Monday was a sign of short-term action to come.
“(Bitcoin) is a coiled spring about to explode higher,” he predicted on Twitter.
In terms of standard market cap, Bitcoin already enjoys a share which is almost its highest since early 2017. Currently, at just under 69%, the figure underscores the ongoing weakness in altcoin markets.
As Coinmetrics noted, over the past year, almost all major altcoin tokens have delivered major losses against Bitcoin, with only Binance Coin 00 delivering reasonable returns for investors.
Ethereum, the largest altcoin by market cap, has decreased its influence dramatically, account for just under 8% of the total compared to 17% in March 2017.