Bitcoin Price Reaches $77,000 for the First Time, Realizing Cap at All-Time High
Since the results of the US elections were revealed early on Wednesday, November 6, the price of Bitcoin and the cryptocurrency market as a whole have been soaring. In recent days, the price of the leading cryptocurrency in particular has surpassed and achieved new all-time highs.
Interestingly, the market leader set a new record high above $77,000 on Friday, November 8, indicating that the price of Bitcoin has not exhibited any indications of weakness heading into the weekend. Although the recent US triumph of former President Donald Trump is credited with igniting the Bitcoin price's recent hot streak, on-chain data indicates that this surge has been building for a while.
The Realized Cap of Bitcoin Price Rises the Most in Two Years
The realized cap indicator is one of the most recent on-chain metrics to provide an intriguing perspective on the sharp increase in the price of Bitcoin. Blockchain analytics company Glassnode said that Bitcoin's realized valuation has hit a new all-time high of $656 billion in a post on the X platform on November 8.
To make things clear, the realized cap statistic calculated the worth of each Bitcoin at the time of its most recent transaction. Compared to the standard market capitalization, which is calculated by multiplying the total number of coins in circulation by the current market price, this provides a more engaging method of assessing the cost basis (the period of time the coins changed hands).
According to Glassnode data, the Bitcoin realized cap increased by 3.8% over the last 30 days, marking one of the biggest gains in the statistic since January 2023. Given that the 30-day net change has primarily been positive, the chart below illustrates that this metric has been growing positively from the beginning of the year.
Notably, the realized cap indicator also shows how much money is coming into and going out of the main cryptocurrency. The most recent increase indicates the admission of new investors, both retail and institutional, since it implies a net capital inflow of more than $2.5 billion over the previous month.
The price of Bitcoin and the realized cap have been steadily rising over the last several months, but a sharp rise in the former to $656 billion raises the possibility that the leading cryptocurrency is transitioning from the "reaccumulation" phase to a markup phase. In the end, if the pattern of capital inflows continues, the price of Bitcoin may continue to rise over the coming months.
An Overview of the Price of Bitcoin
The price of Bitcoin has fallen below the historical $77,000 mark and is currently trading at about $76,700. Data from CoinGecko indicates that the market leader has had a remarkable 10% increase in the last week.
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