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The Bitcoin price and the entire crypto market have been on a tear since the outcome of the United States elections was announced in the early hours of Wednesday, November 6. The premier cryptocurrency specifically has breached and printed new all-time high prices over the past few days. Interestingly, the price of BTC has shown no signs of weakness going into the weekend, with the market leader forging a new record high above $77,000 on Friday, November 8. While the hot streak of the Bitcoin price can be attributed to the latest victory of former president Donald Trump in the US, on-chain data suggests that this rally has been a long time coming. BTC’s Realized Cap Experiences Largest Increase In Two Years
One of the latest on-chain metrics to offer an interesting insight into the meteoric rise of Bitcoin’s price is the realized cap indicator. In a November 8 post on the X platform, blockchain analytics firm Glassnode revealed that Bitcoin’s realized cap recently reached a new all-time high of $656 billion. Related Reading Dogecoin Price Forecast: Analyst Says Downside Is Minimized As 1M, 3M, And 6M Candles Turn Bullish 1 day ago For clarity, the realized cap metric measured the value of each Bitcoin as at the last time they were transacted. This offers a more interesting way to evaluate the cost basis (the time in which the coins changed hands) as opposed to the regular market capitalization, which is derived by multiplying the total number of circulating coins by the current market price. Data from Glassnode shows that the Bitcoin realized cap witnessed a 3.8% upswing in the past 30 days, which represents one of the metric’s largest increases since January 2023. As shown in the chart below, this metric has been experiencing positive growth since the start of the year, as the 30-day net change has mostly been green. Source: Glassnode/X
It is worth mentioning that the realized cap metric also represents the amount of capital flowing in and out of the flagship cryptocurrency. The latest increase reflects a net capital inflow of over $2.5 billion in the past month, suggesting the entry of new investors — both retail and institutional investors.
With the realized cap and Bitcoin price consolidating over the past few months, a sudden increase of the former to $656 billion suggests that the premier cryptocurrency might be moving from the “reaccumulation” phase to a markup phase. Ultimately, a continuation of the capital inflow trend could sustain the increase in the Bitcoin price over the next couple of months. Bitcoin Price At A Glance
As of this writing, the price of Bitcoin is valued at around $76,700, having lost its hold above the historical $77,000 level. According to CoinGecko data, the market leader is up by an impressive 10% in the past week. Related Reading Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins? 1 day ago The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image created by Dall.E, chart from TradingView