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This Happened Right on Cusp of 'Black Thursday.' Will Bitcoin Price Crash Again?

Fri, 19/06/2020 - 16:07
This Happened Right on Cusp of 'Black Thursday.' Will Bitcoin Price Crash Again?
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According to data provided by on-chain analytics firm Glassnode, Bitcoin’s realized cap has just reached a new all-time high. 

Luke Martin
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At the time of writing, $106.6 billion has been invested in the Bitcoin over the course of its existence.   

Bitcoin Active Supply Prints New High Over Past 24 Hours: Glassnode Data

Bitcoin’s realized cap, explained

Bitcoin’s market capitalization, which simply multiplies Bitcoin’s total supply by the asset’s current price, currently stands at $172 bln.

Instead of assigning the same value to every UTXO, analysts also calculate Bitcoin’s realized cap by recording the latest price at which each coin moved.

Analysts believe the realized cap metric proves a clearer picture of the network’s liquidity since it doesn’t treat all coins uniformly.

For example, it gives significantly less weight to dormant BTC that cannot be accessed due to lost private keys.

Tether (USDT) Continues to See Growing Adoption on Ethereum Blockchain: Glassnode Data

Why this is good for the bears

Bitcoin’s realized market cap crossed the $100 bln milestone on Aug. 2019, which was followed by a sharp sell-off that caught traders off guard one month later. 

Glassnode points out that the last all-time happened right before ‘Black Thursday’ of May 12 when BTC careened more than 51 percent in 24 hours.

Cryptocurrency analyst Luke Martin says that realized cap at highs ‘hasn’t been good’ to Bitcoin’s price action in a new tweet.


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