The post Bitcoin (BTC) is not yet in the euphoric stage, as realized market cap indicator is still far from peaking appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) may still have a long run before a euphoria-stage bull cycle. Based on realized market capitalization, BTC lags behind previous bull cycles as the price consolidates above $100,000. Bitcoin (BTC) is not yet near its euphoric stage, based on the metric of realized market capitalization. The leading coin once again raised questions on its exact spot in the market cycle, as 2025 is expected to reach new all-time highs. BTC hovered above $104,576, recovering after last week’s dip under $100,000. The value of the realized cap since the cycle low is up 2.1 times, still far from the usual peak for previous cycles. During the latest market cycle, counted from January 2023, BTC had the most gradual increase of its realized price since the cycle low. The metric tracks the early stage of the 2015-2018 cycle, with more upside based on previous bull markets. Usually, a cycle top is preceded by a jump or nearly vertical growth of realized cap, with a growth of up to 5.7 times. Based on this metric, BTC is still far from its euphoria stage. The BTC realized price hovers over $42,000, up from $20,000 in 2022. Multiple early buyers are still holding from much lower acquisition prices, keeping the realized price lower. The realized market cap is growing more gradually during this market cycle, still not signaling euphoria-stage prices. | Source: Bitbo BTC is seen as a long-term strategic reserve, with buyers aiming to retain a balance to tap a higher future price range. This has prevented panic-selling and capitulations, while riskier traders use the derivative market to place short-term speculative bets. During the current cycle, both whales and retail have been more cautious, either holding or taking profits during favorable price runs. However, the lowered volatility also means the realized market…