Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)
The Bitcoin (BTC) network passed a new milestone this week, as new data revealed the extent of altcoins’ losses. Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)
According to data aggregator Coinmetrics.io on Aug. 25, so-called realized market cap has become the latest indicator flashing bullish for Bitcoin.
Realized Bitcoin Market Cap Surpasses $100 Billion Record
Realized market cap, an alternative calculation of Bitcoin’s market capitalization, is now at record highs.
Calculated from multiplying the price each bitcoin last traded by the size of each trade, the figure for Bitcoin passed $100 billion on Sunday.
The achievement is just one more in a string of near-constant records for Bitcoin, which recently posted all-time highs in areas such as hash rate and daily trading volumes.
As cryptography pioneer Nick Szabo added, the realized market cap progress comes in tandem with some of the lowest volatility seen on the Bitcoin network since 2012.
“The long-term chart reflects the superior deep safety, global seamlessness, and monetary soundness of Bitcoin,” he commented on Monday.
As Cointelegraph reported, if taken using realized cap focusing on liquidity and trading volume, some claim Bitcoin’s total market dominance in fact lies above 90% — far more than the 70% predicted by crypto data aggregators.
Only Binance Coin Brings Home The Bacon For Traders
At the same time, however, pressure on altcoins is continuing to mount. As data from Coinmetrics confirmed, most major tokens lost significantly against Bitcoin this year — despite the fact they had previously beaten its performance.
Bitcoin Cash (BCH), Zcash (ZEC), Stellar (XLM) and Ether (ETH) posted the worst declines, while Binance Coin (BNB) was easily the investment of choice.
The in-house token of crypto exchange Binance is up 44% against Bitcoin since August 2018.
Altcoins’ decline against Bitcoin has long formed a topic of debate among commentators. Recently, veteran trader Peter Brandt claimed non-Bitcoin tokens were experiencing their version of the dot-com boom and may never recover.
“Following 2001-02 tech collapse, dotcoms with real value exploded. The ‘alt’ .coms went bankrupt,” he wrote in June.
Figures such as well-known Bitcoin bull Max Keiser subsequently repeated the claims. Bitcoin Realized Market Cap
Bitcoin Market Cap Briefly Tops $900 Billion
Bitcoin’s market cap was less than $100 million short of $1 trillion for a few brief moments today.
Bitcoin is closing in on a trillion dollar market cap, with the total value of all Bitcoin crossing $900B for the first time today as the price hit new record highs.
Bitstamp, one of the oldest Bitcoin exchanges still in operation, recorded a peak price of $49,000, resulting in a fleeting market cap of $912.69 billion. Bitcoin is currently priced at $47,250 per coin, up 5% over the last 24 hours and 28% in the last seven days.
A market cap of $900 billion represents the addition of $354 billion in 2021 alone. The previous all-time high for Bitcoin’s market cap was set on Feb. 8, when it topped out at $888 billion.
Bitcoin currently accounts for 61% of the total market cap of all cryptocurrencies, which also reached all-time highs as the majority of top altcoins moved up alongside Bitcoin. The market cap of all cryptocurrencies peaked at $1.463 trillion today – gaining 88.5% in 2021 so far after starting the year at $776 billion.
According to CompaniesMarketCap, a website that ranks the world’s most traded assets by their market capitalization, Bitcoin is now the ninth biggest asset in the world, overtaking Facebook and Tesla in the last week. When placed on a list of nations by GDP, Bitcoin’s $900 billion falls in between the countries of Mexico ($1.04 trillion) and the Netherlands ($886 billion).
The fresh highs for Bitcoin come on the day of the approval of the first Bitcoin ETF in North America, the same week as news emerged Tesla bought $1.5B of BTC, and amid a regulatory atmosphere that has been increasingly friendly toward cryptocurrency-related developments in fintech.
Earlier this month, the Biden administration created a buzz in the crypto community by appointing some crypto-friendly personalities to high positions, potentially signaling the opportunity for a greater degree of cooperation between regulatory forces and blockchain-based enterprise.
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