The website Glassnode reported last week that Bitcoin’s realized market capitalization reached a record $378 billion. What does this mean? Such capitalization measures the size of BTC’s active market capitalization. These measurements do not take into account the holdings of so-called dormant BTC tokens left in the hands of Bitcoin creator Satoshi Nakamoto, for example.
In calculating realized market capitalization, time values are assigned to coins. So when a coin last moved in 2018, and at that time was valued at $6,000, that is the valuation level that is taken into account. This is in contrast to standard market capitalization, where all coins in circulation are multiplied by the current price. According to CoinGecko, for example, Bitcoin’s total market capitalization is currently $880 billion.
Bitcoin’s upward rally
When Thomas Lee, or managing partner at Fundstrat Global Advisors, said at the beginning of last week that he believed Bitcoin would quickly start climbing in valuation, many market players did not give credence to his words. However, the subsequent piercing of the valuation limits by BTC on cryptocurrency exchanges makes them not as abstract as they may have seemed at first.
Tom Lee said that BTC will reach a valuation level around $100,000 by the end of 2021. In his opinion, this is a pretty reasonable outcome. In contrast, BTC is currently valued at over $50,000 and is heading towards the new ATH this year – $60,000. Such a valuation may soon be reached. Along with the rising Bitcoin, other cryptocurrencies such as Litecoin and Ethereum are also gaining in value.
NFT for Captain America
It is nothing special to issue ETFs for important individuals, companies and organizations. Interestingly, non-exchangeable tokens have already been issued for fictional characters from the Marvel universe, like Spider-Man. This proved to be a proverbial hit. Now Marvel Entertainment has decided to launch an ETF for Captain America.
This is made possible through a partnership with the VeVe marketplace. Previously, it was through this partnership that Marvel launched the digital collection of Spider-Man. In just one 24-hour period after the launch, it was announced that all 60,500 tokens were sold out.
ETFs linked to Bitcoin will be issued in the EU
The French financial market regulator has allowed Melanion Capital to offer a Bitcoin-linked ETF in the European Union. There has been a long-standing effort to create a Bitcoin ETF that would gain regulatory approval in the EU for marketing as a type of derivative. The ETF has its own value set to match that of an external tangible or intangible asset – in this case, the world’s most important cryptocurrency, Bitcoin.
Intel bought shares of a cryptocurrency exchange
One of the most important and largest American multinational corporations, Intel Corp, has announced that it has just bought shares of the largest US cryptocurrency exchange Coinbase. Intel currently owns over 3,000 shares of COIN.