Despite the COVID-19 pandemic and the sudden collapse of Bitcoin prices, the #1 cryptocurrency managed a realized capitalization above the 2017 record high. $43 billion above, to be exact.
According to Glassnode published data, Bitcoin (BTC) realized capitalization has increased by more than 50%. The last tag like this was at the end of 2017 when Bitcoin achieved an all-time high of $20,000.
The realized capitalization is the metric measure for the value of each BTC when it last moved on-chain. This way, analysts can estimate the aggregate cost-basis of market participants.
Still, the coins on centralized exchanges itself are absent from the metric. The data are accurately indicated, in terms of the cost-basis of long-term investors rather than intra-day speculators.
Right now, Bitcoin realized capitalization sits at $115 billion — $43 billion more than at the all-time high in 2017. Bitcoin’s current $190 billion market cap suggests a 65% aggregate profit for the BTC holders.
BTC’s realized capitalization chart. Source: Glassnode
The crypto market data aggregator - Glassnode, on their coin metrics’ chart show that realized capitalization continued to grow higher in the early months of 2018. The interesting fact that the realized cap kept pushing to test $90 billion three times between January and May this year, despite the crashed prices below $10,000.
In the pre-halving period, the speculation saw Bitcoin realized cap grow by 6% in Q2 2020, while the violent Black Thursday crash quickly reversed 2020’s gains. Since May, the BTC’s realized capitalization has steadily trended upwards.
According to the IntoTheBlock crypto data researchers, more than 72% of crypto addresses are currently profitable. The sum of the investments is in the $1,040 to $5,285, and $8,450 to $9,560 price ranges.
The number of BTC wallets that are currently in profit. Chart. Source: Intotheblock
The #2 cryptocurrency on the capitalization market - Ethereum’s (ETH) surged a realized capitalization of $26.3 billion. Despite the price increases over the last months, ETH is still a long way from reclaiming its past highs — currently sitting 25% lower than its 2018 record of $35 billion.
ETH’s realized capitalization. Source: Glassnode
Ether’s realized cap experienced a much longer down-trend than BTC, with a local low of $22.4 billion during the post-pandemic period. Reading the Intotheblock charts shows 62% of Ether addresses are currently profitable, with the largest share purchased for less than $160.