Bitcoin’s realized cap is a nuanced and innovative metric for assessing the valuation of Bitcoin that differs significantly from traditional market capitalization.
Unlike the market cap, which simply multiplies the current market price of Bitcoin by the total number of coins in circulation, the realized cap offers a more granular and economically meaningful insight into the Bitcoin market.
It does this by aggregating the value of all Bitcoins at the price they were last moved rather than the current price. This approach can provide a more stable view of the market’s valuation, less prone to the volatility associated with speculative trading and short-term market movements.
To calculate the realized cap, one must take the value of each Bitcoin at the time it last moved and then sum these individual values across all Bitcoins. This means if a Bitcoin was last moved when its value was $10,000, that specific Bitcoin contributes $10,000 to the cap, regardless of the current market price
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