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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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The “delta capitalization” model of Bitcoin may suggest that around $15k could be a possible bottom for the crypto’s price.

Past Delta Cap Trend Shows Bitcoin May Still Face More Decline Before A Bottom

As explained by an analyst in a CryptoQuant post, the BTC market cap is now below the realized cap, but still above the delta cap.

Before taking a look at the data, it’s best to first get a basic grasp of the three major capitalization models for Bitcoin.

The normal market cap is calculated by just taking the total number of coins currently in circulation and multiplying it by the price of BTC right now.

The “realized cap” works a bit differently; instead of multiplying all the coins by the same price, this model weighs each coin by the price it was last moved at.

Related Reading | USDC Exchange Reserves Rise As Investors Escape From Bitcoin

For example, if there are 2 BTC in circulation and the current price is $19k, then the normal market cap is simply $38k. However, if one of these coins was last transacted at, say, $15k, and the other at $19k, then the realized cap would be $34k instead.

Now, the Bitcoin “delta cap” is defined as the difference between the realized cap and the average of the market cap. The average of the normal market cap here is taken over the entire history of the crypto (and it’s naturally a moving average).

The below chart shows the trend in the different market caps for BTC.

Bitcoin Delta Cap

The normal market cap still seems to be above the delta cap at the moment | Source: CryptoQuant

As you can see in the above graph, the Bitcoin market cap has recently dipped below the realized cap. However, it has still not gone down near enough to touch the delta cap.

Historically, the value of the crypto has formed bottoms whenever the market cap has been between the other two caps.

Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

In 2020, the coin bottomed out after the market cap went slightly under the realized cap, but in 2018 the metric even dipped a bit below the delta cap before the bottom was in.

This past trend may suggest that the point around the delta cap may be the possible lower bound for how deep the coin’s price can sink. And if so, then Bitcoin could potentially sink to or a little under $15k, before the current cap touches the delta cap and the bottom forms.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.3k, down 9% in the past week.

Bitcoin Price Chart

BTC has gone down over the last few days | Source: BTCUSD on TradingView
Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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