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The below is from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

The realized price of bitcoin has broken its all-time high reached on May 12 earlier this year, with the metric currently at $20,200. Realized price measures the value that every UTXO on the network last moved to calculate the price of bitcoin.

Whereas the market capitalization of bitcoin is calculated by multiplying the circulating supply by the spot price, the realized capitalization takes every “coin” on the market and uses the price at which the coin (or more technically: UTXO) last moved in the calculation. Thus, the realized price is simply taking the realized capitalization and dividing it by the circulating supply.

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