Bitcoin (BTC) set a new all-time high this week as bearish market sentiment failed to dent one metrics march to $106 billion.<\/p>\n
Data from on-chain monitoring resource Coin Metrics shows that as of June 11, Bitcoins realized cap stands at a record $106.26 billion.<\/p>\n
Realized cap is a different way of calculating Bitcoins value, an alternative to conventional market cap.<\/p>\n
The number is computed by taking the price at which each Bitcoin last traded and the size of each trade, then multiplying them together.<\/p>\n
Originally formulated by Coin Metrics, the indicator has grown in popularity among analysts and well-known cryptocurrency figures. Responding to the latest highs, the Bitcoin Twitter account describedthe progress as simply good for Bitcoin.<\/p>\n
Realized cap fell just slightly following the March crash, shedding a maximum of around $1 billion before continuing its upward trajectory.<\/p>\n
This highlights its structure in real terms, Bitcoin shed 60% of its price at the time, while overall, as Cointelegraph reported, more than 60% of the supply has not moved in over a year.<\/p>\n
Bitcoin broke the $100 billion realized cap mark for the first time in August 2019.<\/p>\n<\/p>\n
Bitcoin realized cap historical chart. Source: Coin Metrics<\/p>\n
Realized cap provides a noticeable contrast to the overall market mood this week. On Thursday, bearish signs culminated in a wave of exchange selling pressure thattook 8% off BTC\/USD in hours.<\/p>\n
The move took its toll on the crypto fear andgreed index, a dedicated measurement of trader attitudes.<\/p>\n
Having lingered in neutral territory with a score of 53\/100, the index suddenly fell 15 points to 38\/100, marking a return to the fear zone.<\/p>\n<\/p>\n
Crypto fear andgreed index one-month chart. Source: Alternative.me<\/p>\n
Theoretically, the closer the index moves to zero, the more it suggests that traders are disproportionately bearish.<\/p>\n
Earlier this year saw a record seven consecutive weeks spent in the lowest extreme fear category.<\/p>\n
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