Glassnode Data: Bitcoin Realized Capitalization Nears All-Time High Amid Market Surge
Bitcoin may now be closing in on $63k as the bulls goad it towards and beyond its former all-time high of $69k, but according to one metric, realized capitalization, the world’s biggest cryptocurrency has already closed in on a historic peak.
Analysts at blockchain data company Glassnode stated on X yesterday that Bitcoin’s realized cap has risen to $467.2 billion, just 0.22% shy of its all-time high (ATH) of $468.3 billion back in the middle of 2022.
Following a week of explosive price action and strong capital inflows, the #Bitcoin Realized Cap has experienced a near full recovery, increasing to a value of $467.2B.
This places our current value just -0.22% below the ATH of $468.3B. pic.twitter.com/g4N7AHebl2
— glassnode (@glassnode) February 28, 2024
That metric is rising quickly too. On Tuesday, Glassnode’s The Week Onchain newsletter had Bitcoin’s realized cap at $460 billion, or 3% of its former ATH.
Cryptonews has contacted Glassnode to see if Bitcoin has reclaimed its former ATH in realised capitalization and will update this story with any further information.
Realized capitalization measures the capitalization of Bitcoin at the values that each coin last changed hands at. According to Glassnode lead analyst James Check, this is “the one that matters.”
The #Bitcoin Realized Cap hitting ATHs is the one that matters.
This means the true liquidity adjusted capital invested, saved, and stored in $BTC is now at new highs.
You will hear me banging the drum on this metric all cycle. It's the backbone metric of my #Bitcoin analysis. https://t.co/7NQP8dNVIh
— _Checkɱate
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