New on-chain statistics suggest that Bitcoin (BTC) is more valuable today than ever for the ecosystem, despite the difference between its current price and that of its all-time high days.
The statistics, curated by on-chain data provider Glassnode, noted that the current “realized” market capitalization of Bitcoin (BTC) surpasses the figures recorded in April 2021 when BTC price peaked. According to a recent tweet, the company noted that BTC registered a revised cap of $378,768,190,450.72.
The realized cap is the “true” nature of the total value moved through Bitcoin. Market capitalization is a prominent statistical tool used by crypto enthusiasts and is derived by multiplying the current price of the asset by the total number of the crypto-asset in circulation.
Meanwhile, other developments also attest to BTC’s maturity as an asset. Some weeks ago, the core developers of the primary cryptocurrency launched the Taproot update on the network to boost its security and efficiency. Simply put, the Taproot update makes transactions more private, cheaper, and requires less space by grouping several signatures into a kind of single master key. That said, this upgrade should get implemented by the end of the year.
Key Bitcoin Levels to Watch — August 15
As projected in a previous analysis, BTC recorded a modest correction to the $44,000 support to ease out of overbought conditions before posting another rally above the $48,000 level.
However, bears have managed to push the cryptocurrency slightly below the $46,000 support over the past few hours. That said, the primary cryptocurrency could use this bearish move as a minor correction and push higher soon, considering that the price currently rests around our ascending trendline, 50 SMA, and $46,000 line. If this support holds, we should see a bullish continuation over the coming hours and days.
Meanwhile, our resistance levels are at $47,000, $48,300, and $49,500, and our key support levels are at $45,000, $44,000, and $43,000.
Total Market Capitalization: $1.95 trillion
Bitcoin Market Capitalization: $863.4 billion
Bitcoin Dominance: 44.2%
Market Rank: #1
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