Bitcoin supporters have a reason to rejoice as the numero uno cryptocurrency has reached a new benchmark this week, according to the latest data released by Coin Metrics on 25th August 2019. As per the data, the realized market capitalization of Bitcoin has passed a hundred billion dollars on Sunday, indicating a significant bullish trend for Bitcoin. Coin Metrics is a leading provider of crypto asset market and network data.
The realized Bitcoin market cap is an optional calculation of BTC’s market capitalization. The new record highs have been calculated by multiplying the last traded price of every bitcoin with each trade’s size, according to the data. It can be considered yet another achievement for Bitcoin which, of late, has been witnessing a near-constant spell of records. The number one digital currency had also recently hit headlines by reaching an all-time peak in the areas like everyday trading volumes as well as hash rate.
As noted by Nick Szabo, the pioneer in blockchain, cryptocurrency, and smart contracts, the progress in the realized market capitalization have come at the same time when the Bitcoin network is experiencing possibly the lowest volatility since 2012.
The long-term chart reflects the superior deep safety, global seamlessness, and monetary soundness of Bitcoin.
— Nick Szabo 🔑 (@NickSzabo4) August 26, 2019
According to the Cointelegraph reports, Bitcoin’s aggregate market dominance lies over 90 percent if the realized cap is taken utilizing the focus on trading volume and liquidity, which is considerably greater than the 70 percent predicted by the cryptocurrency data aggregators.
However, while Bitcoin is seeing a positive performance, altcoins are suffering a rough patch. The Coin Metrics data also confirmed the same as it noted that a majority of tokens have recorded significant losses against BTC this year. The worst reductions have been witnessed by Ether, Zcash, Stellar, and Bitcoin Cash. Binance Coin, on the other hand, has succeeded to stand out; BNB has registered a high of 44% against BTC since last year’s August. How long the uptrend for Bitcoin and decline of Altcoins would continue, remains to be seen.