Realized market cap

What is "Realized market cap"?

Realized market cap (Realized Market Cap) values a network by summing the USD value of each native unit based on the closing price on the day that unit last moved on-chain, rather than the current market price. Instead of multiplying today's price by total circulating supply, it looks at when coins were last transacted and prices them at that historical daily close.

Why is "Realized market cap" important?

This approach approximates the aggregate cost basis of holders and reduces the impact of short-term volatility and thin order books, especially during sharp rallies or crashes. Because coins that have not moved for a long time are valued at older prices, Realized Market Cap can highlight how much value the market has actually "paid in" over time, and how far current prices have moved above or below that level. The metric is updated regularly as new on-chain movement data becomes available, providing a smoother view of network valuation than the standard market cap. Traders and analysts use it to identify cyclical tops and bottoms, assess the strength of long-term holders, and compare realized value across different cryptocurrencies.

How is "Realized market cap" calculated?

Realized market cap is calculated by summing the value of each UTXO (or account balance) at the price when it was last moved on-chain, using daily closing prices for valuation.