Realized Cap Beats Market Cap: How Bitcoin Value is Changing

• Bitcoin’s realized cap has increased from 50% to 60%, indicating a more accurate reflection of its true worth.
• Realized cap filters out founder coins, and if a token has never moved, its realized price is zero.
• The difference between Bitcoin market cap dominance (48%) and realized cap dominance shows the potential for growth.

Understanding Bitcoin’s Realized Cap

Bitcoin’s realized cap gives a much more accurate version of events as it substitutes the current token price with the price when the token last moved. This metric currently sits around 60%, up from roughly 50% last year and 20% higher than in 2018. It takes into account filtering out founder coins, and if a token has never moved, its realized price is 0.

Bitcoin Market Cap vs Realized Cap

A comparison of Bitcoin market cap dominance (currently at 48%) with its realized cap dominance shows the potential for growth that could be achieved by taking this metric into consideration when measuring Bitcoin’s value. CryptoSlate did an analysis of this topic from an all-time high drawdown and report to provide deeper insights into this concept.

Analysis from CoinMetrics

CoinMetrics conducted an analysis to compare market cap vs realized cap across various cryptocurrencies including TRX_ETH which only looks at ERC-20 tokens so isn’t fully representative of the actual market cap as well as BNB and DOT nodes which also had issues with data inconsistency making their metrics not always completely updated.


Realized cap can provide a more comprehensive view at how much value Bitcoins hold compared to just looking at current prices while filtering out irrelevant data such as founder coins or those that have never been used thus far. This metric is quickly becoming a new benchmark for measuring Bitcoin’s value and CryptoSlate believes it should be taken into consideration when doing cryptocurrency research moving forward.


The opinions expressed in this article are solely those of James Van Straten and do not reflect the opinion of CryptoSlate or any other entity mentioned in this article. CryptoSlate does not endorse any project mentioned in this article nor does it take responsibility should you lose money trading cryptocurrencies.