Bitcoin (BTC) The capitalization carried out, a chain metric which measures the value of the parts at the price they have dealt with, continued to increase even if the cash price decreases, signaling the conviction of investors to the network and an indication of the economic backbone of the largest cryptocurrency is strengthened.
After crossing $ 1 billion of dollars in July for the first time, Glassnode data shows that the ceiling carried out is now at a record of 1.05 dollars, despite the punctual price which slips approximately 12% compared to its peak of all time almost $ 124,000. While market capitalization decreases as the cash price decreases because it assesses each part at the current level, the ceiling carried out only adjusts when the parts are spent and raised in chain.
As part of the CAP model produced, sleep assets, long -term holders and lost parts act as stabilizers, preventing significant prints even when the action of short -term prices becomes negative. The result is a measure that better reflects the true conviction of investors and the depth of capital engaged in blockchain.
In the previous cycles, the CAP made has undergone much more steep withdrawals. During the 2014-2018 bears markets, it dropped up to 20% that prolonged capitulation forced large volumes of redirects. Even in 2022, metrics experienced a reduction close to 18%, according to Glassnod data.
This time, on the other hand, the ceiling carried out wins despite a two -digit price correction. This underlines how the current market absorbs volatility with a much more resilient underlying base.
