Definition ∞ All-Time High Realized refers to the highest average acquisition price of all coins or tokens in circulation. This metric calculates the cumulative price at which every unit of a digital asset was last moved on-chain, providing a historical cost basis for the entire supply. It offers a macro perspective on market sentiment, indicating when the aggregate investor base holds assets above their average purchase price. When this value increases, it suggests that previously unprofitable investors have either sold or the market price has risen sufficiently to move their positions into profit.
Context ∞ Understanding All-Time High Realized is crucial for interpreting market cycles and investor behavior in cryptocurrency news. Analysts often monitor this metric to assess the potential for profit-taking or further price appreciation. A sustained rise above previous levels can signal a robust bull market, while failure to surpass it may indicate persistent overhead supply or a lack of conviction among holders. This metric aids in evaluating the long-term health and psychological state of a digital asset’s market participants.
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