The crypto market offers a unique perspective on asset valuation through the concept of realized capitalization. For Bitcoin, the realized cap provides invaluable insight into its economic footprint and investor sentiment.
Traditionally, market capitalization is calculated by multiplying the current market price of an asset by its total circulating supply. While this method offers a quick overview of Bitcoin’s market value, it doesn’t always present an accurate picture. Many coins may be inactive or lost, and a significant number could be held by long-term investors, all contributing to a disparity between the theoretical market cap and the actual economic value in circulation.
The realized cap addresses this discrepancy. It values each unit of Bitcoin based on the price at which it was last transacted rather than the current market price. This approach offers a more granular and realistic view of the market’s economic health.
In 2023, Bitcoin’s realized cap increased from $380
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