Nic Carter of Coin Metrics states that the realized market capitalization of Bitcoin has reached $100 bln. This is the highest it has ever been, thus surpassing the 2018 numbers.
Realized market cap vs. market cap
According to Coin Metrics, the market cap metric, which was borrowed from the US equity market, cannot be applied to Bitcoin given that around 15 percent of its circulating supply has been lost forever.
The realized market cap takes into account the last movement price instead of treating all coins “uniformly.” In order not to trigger the re-evaluation process each time somebody sends funds to a dead account, Coin Metrics uses the BTC price that was registered during the last outgoing transaction.
Even those coins that are kept in cold storages usually do not stay abandoned for a long time given that their owners tend to cash out at least a small portion of the money or change a multisignature scheme (unless you are Satoshi Nakamoto).
Reaching new highs
As the data shows, the realized market cap has been steadily growing since April, which is the month Bitcoin started its massive price rally.
Bitcoin surpassed the $90 mln level shortly after hitting its current ATH of $20,000 in December 2017. Its market cap was more than $300 bln.