Realized Capitalization

Realized capitalization, often shortened to realized cap, values each unit of a coin's supply at the price it last moved on chain instead of at the current market price. Adding those values together produces an estimate of the aggregate cost basis of the network, a figure that changes only when coins actually move rather than every time the market ticks. Analysts contrast it with market capitalisation, which revalues the whole supply at the latest trade. Realized cap is a descriptive accounting measure, not a valuation or a fair price. It also depends on each data provider's rules for lost coins, exchange internal transfers and wrapped assets, so published figures differ between sources.