The cryptocurrency market has been through the wringer over the past 15 months. The prices of most altcoins have plummeted by 90% or more from their all-time highs, and the king of crypto itself, Bitcoin, has declined as much as 85% as well.

But despite prices being far lower than they once were, the health of the industry itself is only getting stronger fundamentally, according to one cryptocurrency analysis firm.

Boston-Based Data Firm Reveals Crypto Industry Is Healthier Than Ever

While sentiment around the cryptocurrency market is still extremely bearish – and rightfully so considering the severity of the current bear market –the market is showing signs of maturing, and undeterred developers and users of top cryptocurrencies have continued to chug along.

The result is an industry that is a lot healthier than prices may reflect, according to Boston-based crypto analytics firm Flipside Crypto. The cryptocurrency number-crunching company has released what it calls the – an index that tracks the overall health of the crypto industry over time, using key metrics such as user activity, developer behavior, and market maturity.

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According to Flipside Crypto’s FCAS25, which is based on a “time-weight moving average” of 25 individual cryptocurrencies, the market health is far stronger now than it was one year ago, and is ten points shy of its previous all-time high.

The Coinbase Ventures-backed Flipside Crypto says that market maturity, one of the three key factors it uses to determine industry health, has actually fallen since the 2017 peak of the bull run. Since market maturity is tied to “conventional understanding and public perception of the crypto-asset space,” it is reasonable that it has declined ever since the media storm of 2017 that sent Bitcoin into the stratosphere and made it a household name.

Developer behavior has stayed relatively consistent, “gradually increasing among the Flipside 25 over the course of the last 2 years.” Flipside says that this demonstrates a “healthy commitment among the teams supporting the ongoing improvements to the top crypto projects.”

User activity, has only grown significantly among “top projects,” the firm says. “This leads us to believe that while investor interest has perhaps waned since early 2018, the top projects have successfully increased on-chain traffic and utilization of their projects; a sign of underlying fundamental health.”

Flipside Crypto: The Cryptocurrency Industry is “Humming”

Flipside crypto calls their FCAS25 “a single, consistently comparable value for measuring cryptocurrency project health.” The formula uses a list of cryptocurrency projects that ebbs and flows based on their fundamental health. Together, they’re weighted to determine the overall health of the entire industry. The crypto industry, says Dave Balter, CEO of Flipside Crypto, is “humming.”

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“When cryptocurrency prices are down, everyone worries about industry health,” he explained. “But price is a poor indicator for whether cryptocurrency projects and platforms are gaining customers or delivering product to the market.  We developed the FCAS25 to provide clarity into the fundamental health of cryptocurrency organizations, that isn’t reflected in price.  The data proves the cryptocurrency industry is far from over.  As a matter of fact, it’s humming.” 

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