Glassnode, a leading resource for on-chain and financial metrics, recently shed light on the on-chain activities of the altcoin leader, Ethereum (ETH). The firm’s automated alert system informed the crypto community that Ethereum has crossed a significant milestone in its valuation.
Specifically, Glassnode reported that Ethereum’s Realized Capitalization has hit $181,606,579,492.76. Notably, the figure represents its highest point in the past eight months.
📈 #Ethereum $ETH Realized Cap just reached a 8-month high of $181,606,579,492.76
View metric:https://t.co/JEcbTHEjsD pic.twitter.com/EmrAn4WtLs
— glassnode alerts (@glassnodealerts) August 13, 2023
Furthermore, the market chart accompanying the tweet showed that the ETH realized cap had been in a steady upward trajectory since January 2023. As of November 2022, the realized cap was above $190 billion. However, it saw a steep decline, falling under $170 billion within two months.
What is Realized Cap?
For context, realized cap is a metric that measures the value of all Ethereum tokens that have been moved on-chain within a year. According to Glassnode, the metric assigns worth to each Unspent Transaction Output (UTXO) by considering the price of a coin at the time of its last transaction rather than its present value.
Notably, the metric does not take into account the value of ETH in centralized crypto exchanges or inactive wallets. While Ethereum’s realized cap is just above $181 billion, its market cap is currently $221,891,340,827.
Will It Impact ETH Price?
Additionally, it is worth noting that Ethereum’s realized cap reaching an 8-month high is a bullish sign. This is so because it signifies the increased activity trend on the Ethereum network.
As reported by CoinGape News, formation of a bullish wedge pattern may set ETH price to a bull run towards $2500. Nonetheless, the price of ETH has been in a passive mode in recent weeks with decreasing trading volume. According to data from the market tracking platform, CoinMarketCap, ETH trades at $1,845 with no significant growth in its seven-day cumulative performance.
Moreover, crypto traders bought and sold over $2 billion worth of ETH in the past 24 hours. However, the figure represents a 17% decline compared to what was obtainable in the past day.
