In the previous twenty-four hours, the price of bitcoin has dropped by more than 8%, and it is currently trading below $21,400.
According to the data provided by Glassnode, the Bitcoin Realized Price is currently $21,700.
The price of BTC has dropped to a level that is lower than the price that was realized previously, which occurred in December 2018 and March 2020, and will also occur in June, July, and August 2022.
Within the previous twenty-four hours, the price of bitcoin has dropped by more than eight percent, causing it to fall below the Realized Price.
In July, the value of the cryptocurrency fell below the level of its realized price, which was roughly $21,800 at the time, before breaking higher and remaining above that level for a string of 23 days in a row.
On Friday, as the BTC/USD exchange rate dropped to approximately $21,320, the on-chain analytics platform Glassnode published a chart demonstrating that the true price had once again broken below the realized price.
The site reports that the current realized price for Bitcoin is at $21,700, which indicates that the market is currently suffering aggregate losses.
What is the Current Realized Price of Bitcoin?
The Realized Price is the value of all Bitcoins at the time they were most recently moved (purchased). This statistic is derived by taking into account the total supply of Bitcoins that are now in circulation. On-chain analysis considers this value.
A measure of the worth of these coins is proportional to the coin’s “average cost basis,” which is not the same as the prevailing price of Bitcoin on the market. However, the average premium basis of the coin is a representation of its value. At the time of this writing, the price of Bitcoin (BTC) was trading near $21,330; however, its realized price was closer to $21,700.
Throughout the years, the price of bitcoin has fallen to a level lower than its realized price on several occasions, with the most recent four instances occurring in December 2018, March 2020, and in 2022 – June/July and now August.
Historically, cycle lows have been recognized when the price of bitcoin falls below its realized value. This has been followed by a rebound to the upside, which has occasionally resulted in new all-time highs being attained. However, the length of time that the price remains lower than the metric is measured differently.