With the realized market value of Bitcoin reaching $389.4 billion, there has been a cyclical growth pattern, with diminishing returns in various periods, and the market continues to be bearish
With the realized market value of Bitcoin reaching $389.4 billion, there has been a cyclical growth pattern, with diminishing returns in various periods, and the market continues to be bearish.
- The realized market value of Bitcoin has undergone a significant transformation, reaching $389.4 billion, but its relative growth has shown a decreasing trend over various periods.
- Despite attempting a slight recovery, the current price of Bitcoin is still below $27000, indicating a sustained bearish trend.
In the constantly fluctuating field of Bitcoin [BTC], its market value fluctuates with price fluctuations. However, its upper limit can be evaluated from multiple perspectives and its progress or decline can be measured.
According to Glassnode's perspective, the capitalization of BTC has undergone significant changes throughout its existence, which is its current state.
Bitcoin achieved a market value of $200 billion in the fourth era
Glassnode's latest insights reveal a convincing narrative of Bitcoin's increased capitalization experience after its halving event.
This indicator reveals a cyclical pattern in which each consecutive period witnesses a surge in Bitcoin's achievement of upper limits. The ongoing era showcases impressive capital inflows of $282.8 billion.
By analyzing the charts, one can gain a deeper understanding of the upper limit milestones achieved in the previous periods.
At Epoch1, the achieved upper limit was $74 million, while in Epoch2, it rapidly rose to $5.5 billion. Further progress has led to a significant jump in Epoch3 to $102.3 billion. As of the time of writing, it is in Epoch4.
To grasp the concept behind the realized ceiling, it is essential to understand that it calculates the collective value of the cryptocurrency network by summing the market value of each asset unit according to the price of the last transfer.
Essentially, the achieved upper limit reflects the comprehensive value of the cryptocurrency network based on the actual buying and selling prices executed by investors.
As the achieved upper limit climbs, the relative growth of Bitcoin decreases
According to the latest data of Glassnode, the realized market value of Bitcoin has exceeded 389.4 billion dollars. It is worth noting that this number is different from the absolute implementation limit.
Although the achieved upper limit seems to indicate growth, a closer examination of relative growth reveals a decreasing trend across eras.
At the time of writing, the ongoing cycle witnessed a significant expansion of 362%. Epoch1 recorded 42495% of contextual extensions.
Current market value and price trends
A closer look at the daily time frame chart indicates that Bitcoin has made small-scale recovery attempts in the past 24 hours. At the time of writing, its trading price was approximately $26900, slightly increasing and approaching the $27000 mark.
However, it is important to note that Bitcoin's Relative Strength Index (RSI) is still below 40, indicating a sustained bearish trend.
According to the latest data from CoinMarketCap, Bitcoin's current market value has surged to nearly $520 billion, highlighting its important position in the market.
This value accounts for over 46% of the total market value, highlighting the dominant position of Bitcoin. It is worth noting that the current market value of the entire cryptocurrency is slightly higher than $1 trillion.
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