The Bitcoin price and the entire crypto market have been on a tear since the outcome of the United States elections was announced in the early hours of Wednesday, November 6. The premier cryptocurrency specifically has breached and printed new all-time high prices over the past few days.
Interestingly, the price of BTC has shown no signs of weakness going into the weekend, with the market leader forging a new record high above $77,000 on Friday, November 8. While the hot streak of the Bitcoin price can be attributed to the latest victory of former president Donald Trump in the US, on-chain data suggests that this rally has been a long time coming.
One of the latest on-chain metrics to offer an interesting insight into the meteoric rise of Bitcoin’s price is the realized cap indicator. In a November 8 post on the X platform, blockchain analytics firm Glassnode revealed that Bitcoin’s realized cap recently reached a new all-time high of $656 billion.
It is worth mentioning that the realized cap metric also represents the amount of capital flowing in and out of the flagship cryptocurrency. The latest increase reflects a net capital inflow of over $2.5 billion in the past month, suggesting the entry of new investors — both retail and institutional investors.
With the realized cap and Bitcoin price consolidating over the past few months, a sudden increase of the former to $656 billion suggests that the premier cryptocurrency might be moving from the “reaccumulation” phase to a markup phase. Ultimately, a continuation of the capital inflow trend could sustain the increase in the Bitcoin price over the next couple of months.
As of this writing, the price of Bitcoin is valued at around $76,700, having lost its hold above the historical $77,000 level. According to CoinGecko data, the market leader is up by an impressive 10% in the past week.
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