On-chain data shows Bitcoin has broken above these three key levels in a manner reminiscent of the rally in April 2019.
Bitcoin Breakout Shows Initial Similarities To April 2019 Rally
According to data from the on-chain analytics firm Glassnode, BTC has broken above the three investor cost-basis levels for the first time since the COVID-19 crash and the 2018-2019 bear market. The relevant indicator here is the “realized price,” to understand the concept of the “realized cap” it needs to be looked at first.
The realized cap is a capitalization model for Bitcoin that assumes that each coin in the circulating supply has its real value as the price at which it was last moved rather than the current BTC price (which the normal market