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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin’s Realized Cap Nears $400 Billion Despite Price Struggle At $30,000

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Despite Bitcoin’s current struggle to surpass the $30,000 mark, data analytics firm Glassnode earlier today reported that the asset’s realized capitalization has since been on an upward trajectory, nearing the $400 billion mark.

Bitcoin Realized Cap Nears $400 Billion

According to Data analytics firm Glassnode, Bitcoin’s Realized Cap is now inching closer to $400 billion, showing that new capital is continuously entering the market despite the year’s ups and downs. 

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Bitcoin’s Realized Cap represents the total value of all BTC at the price they were last moved or transacted, indicating the cost basis of holders. When this metric rises, it reveals that BTC is being traded at progressively higher prices, which suggests an increase in demand.

Glassnode reported that the increase in BTC’s realized cap signals the consistent influx of capital into the asset throughout the year 2023. This steady inflow represents a stable investment climate surrounding Bitcoin, despite its recent price fluctuations.

Bitcoin (BTC) realised market cap.
Bitcoin (BTC) realized market cap. | Source: Glassnode

Furthermore, Glassnode’s assessment of the ascending realized cap is indicative of a broader trend in the cryptocurrency market. The data analytics firms said, “It signals that coins are changing hands at higher prices on net,” – a phenomenon that underlines a rising demand for Bitcoin.

It is worth noting that this recorded increasing demand for Bitcoin comes at a time the asset might have flashed a hope of bullish moves following the surge in Spot Bitcoin ETF filings and financial giants such as BlackRock embracing the largest asset by market cap.

BTC Struggles To Push Past $30,000

Meanwhile, as Bitcoin realized’s cap is approaching $400 billion, the asset has struggled to make a significant move above the $30,000 mark. Over the past 24 hours alone, the BTC price has traded both below and above the $30,000 mark, suggesting a level of consolidation at this point.

Particularly, the asset currently has a 24-hour high of $30,292 and a 24-hour low of $29,792, at the time of writing. However, regardless of that, BTC is currently down by only a slight dip of 1% in the last 24 hours with a trading price of $29,882. 

Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

This latest price action follows Bitcoin’s quick spike which was seen last week on July 13. This surge brought Bitcoin price to trade even above the $31,000 mark before briefly slipping below $30,000. Over the past few days, however, a total of more than $30 billion has been removed from the BTC market cap.

Related Reading

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Galaxy Digital Founder Anticipates BTC Price Surge Due To This Reason

1 year ago

The asset’s market cap has plunged from a high of $614 billion seen on July 13 to $583 billion, as of today. Additionally, BTC trading volume has also declined in the past week indicating less trading activity.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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