An alternative measure of Bitcoin’s market cap reached an all-time high.
The spike in realized market cap coincides with Bitcoin hitting $48,000, its highest price since the market crash that began in mid-May. Bitcoin has increased by 9.5% this week and 42.5% this month. Shortly after hitting $48,000, Bitcoin fell sharply to $46,700.
Another sign of the hubbub is Bitcoin’s latest mining difficulty adjustment. In its latest fortnightly change, the Bitcoin network made mining 7.3% more difficult yesterday to account for the increased competition among miners.
The adjustment was the second consecutive positive change after two months of drops; the drops followed a crackdown on Bitcoin mining in China, which also cut Bitcoin’s price in half. Today’s all-time high for Bitcoin’s realized market cap shows traders are clawing back their coin.
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