Even though there’s considerable growth with the crypto market in general, Bitcoin unsurprisingly seems to be towering above them all.
In 2019 alone, the Bitcoin network has beaten its own hashrate record at least twice, set new records for traded volume and still maintains very attractive year-to-date returns. Back in August, Bitcoin’s realized market cap hit an all-time high above $100 billion. Now, the king coin has set a new realized cap record.
According to data from analytics site CoinMetrics, Bitcoin’s realized market capitalization has just hit a new all-time high of $102.9 billion. The news is expected to improve the general sentiment regarding Bitcoin and might even spur more bullish forecasts as would usually happen.
Both the cryptocurrency and traditional sectors are a lot more familiar with market capitalization. This represents the value of a company or an asset especially as it relates to the stock market and is calculated by a multiplication of the current stock price by the total number of shares available.
The realized cap, on the other hand, is quite different. To calculate the realized cap of Bitcoin, the price at which each Bitcoin was last traded is multiplied by the size of each of these trades.
Back in August, Bitcoin’s market dominance hit 70%, higher than the 67.5% where it currently is. However, some analysts from data and research firm Arcane Research suggested that the dominance level would be significantly higher if the realized cap is taken into consideration, as opposed to market cap.
Arcane Research at the time, proposed that the actual market dominance for the king coin would be at least 90%, leaving the rest of the market with 10%.
Recently, a Bitcoin forecast which put the asset at $16,000 for October, was trashed online when the month ended with Bitcoin just a little above $9,000. There are still many bulls who believe that Bitcoin is still set to surge before the year ends, especially as the halving is coming up next year.