Bitcoin (BTC)'s realized market capitalization has reached a new record for three consecutive weeks, recording $89.07 billion (approximately 126.48 trillion won). This is interpreted as a result of investors' optimistic outlook and favorable macroeconomic conditions as Bitcoin approaches the $100,000 mark.
Realized market capitalization is an on-chain indicator calculated based on the last trading price of each Bitcoin. It is considered a more accurate indicator of long-term investors' sentiment as it reflects the actual purchase prices of investors rather than the current market price.
Gold Crypto, an on-chain analyst at CryptoQuant, analyzed through X (formerly Twitter) and their website that the new record in realized market capitalization suggests a fundamental change in market dynamics. He explained that this upward trend may be in the early stages of a new bull market, reflecting continuous buying pressure rather than mere speculation.
The analyst emphasized that "the new record in realized market capitalization shows not only an increase in investment inflows but also growing market confidence in Bitcoin's long-term potential as a financial asset" and that "steady buying from short-term and long-term holders is laying a solid foundation for a significant future rise".
According to CoinGecko data, Bitcoin is trading at $99,700, a 2.7% increase in the past 24 hours. This is close to the psychological resistance level of $100,000, with an 8.4% difference from the all-time high of $109,000. It has recorded a 4.9% increase in the past week, surpassing the average increase of 2.7% in the overall cryptocurrency market. Additionally, after dropping to $93,500 last month, it has shown an upward trend of over 25% in the past month.
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