The founder of CryptoQuant has explained that Bitcoin is not “pumpable” right now based on the divergence in the Market Cap and Realized Cap.
Bitcoin Market Cap Fell Even As Realized Cap Grew
In a new post on X, CryptoQuant founder Ki Young Ju has talked about the difference in growth that the BTC Market Cap and Realized Cap have witnessed over the past year.
The Market Cap here is just the total value of the cryptocurrency’s supply at the current spot price. The Realized Cap is also a model to calculate BTC’s total valuation, but it doesn’t take such a simple approach. This on-chain capitalization model assumes that the ‘real’ value of any coin in circulation is equal to the spot price at which it was last transacted on the blockchain.
In short, what the Realized Cap signifies is the amount that the Bitcoin investors as a whole have put into the cryptocurrency. In contrast, the Market Cap represents the value that they are holding in the present.
Generally,
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