# CapRealUSDCapitalization, realized, USD

## Definition

The sum USD value based on the USD closing price on the day that a native unit last moved (i.e., last transacted) for all native units.

## Dictionary

IDCategorySubcategoryTypeUnitInterval
CapRealUSDMarketMarket CapitalizationProductUSD1 day

## Details

• This metric takes the ledger state of the asset, assigns a date of last movement for each account/unspent output, multiplies the balance of the account/value of the output by the price at the date of last movement and sums all of those numbers for the asset’s ledger.

• The state of the ledger is the one at the last available block for that day.

• Only the native units balance is considered, L2 tokens (ERC-20, etc..) are not taken into account.

• For account-based chains, last activity is either the last date the account was the sender of a ledger change, or its time of creation, whichever is more recent.

## Asset-specific details

• This metric is not available for assets that have full privacy, like Monero, Grin.

• For assets that have opt-in privacy features, like ZCash, it only takes the non-private balances into account. The realized cap is first computed over the non-private balances, then scaled so that ratios like MVRV can be computed: Realized Cap = Non-private realized Cap + Private Supply * (Non-private realized cap/ (Total Current Supply - Private supply)) This can be understood as taking the non-private supply’s price implied by the realized cap (Non-private realized cap / Non private supply) and assigning that price to the private supply.

## Examples

• For an asset whose ledger is:

The realized cap would be \$0 + \$10,000 + \$50,000 = \$60,000

• For assets like ZEC, assuming there’s 5M native units outstanding, 1M private, 4M non-private. If the realized cap of the non-private supply is \$1B, the total realized cap is computed as: \$1B * (1M * (\$1B / (5M - 1M)) = \$1.25B

## Resource history

• Conceptualized by Coin Metrics

• Released in the 1.0 release of NDP

## Interpretation

Realized capitalization is one of Coin Metrics’ flagship metrics, first introduced in a talk by Nic Carter in 2018. Realized cap aggregates units of supply according to their market price when they last moved on-chain. The original intent was to discount the weight of long-lost coins, in particular in Bitcoin, as a significant fraction of supply is inert and has not moved since 2010 (and can be presumed lost). Additionally, realized cap is a more faithful measure of economic significance for forks with limited uptake, as conventional measures like market cap (see Capitalization, market, current supply, USD) naively presume that the entire stock of coins is liquid and market-available. Interpretations vary, but realized cap is perhaps best-understood as a metric which captures the average cost basis of all current holders. It has been used to devise popular oscillators and derivative metrics.