Most people only refer to the price of bitcoin to gauge the health of the top cryptocurrency. If there’s a brutal sell-off, critics are quick to assume that the digital asset is dying. A minor bitcoin rally later, and almost everyone is tweeting about getting a Lamborghini.
Sure, the price is a visible marker of an asset’s pulse. But bitcoin’s market capitalization is so small compared to other traditional assets that its price often fluctuates wildly. A big buyer or seller can easily dictate the momentum of the cryptocurrency.
That’s why for bitcoin, there’s another indicator of market health: addresses with any balance. And despite the top cryptocurrency’s recent bearishness, this metric just hit a fresh all-time high.