Flipside Crypto, a Boston-based market intelligence firm backed by Coinbase Ventures, released on March 29 the FCAS25 index which tracks the overall health of the crypto industry.

The mechanism follows the fundamental scores of the top 25 crypto projects; using a Fundamental Crypto Asset Score (FCAS) to track three metrics in particular — user activity, developer behavior, and market maturity. The FCAS25 score, then, is a time-weighted moving average of the FCAS scores of these rankings.

The results are telling. While market maturity seems to correlate roughly with market prices, the remaining metrics — in particular user activity — have been on the rise since the end of 2017, even through one of the largest crypto-wide bear markets to date.

Speaking in a press release today, Flipside Crypto CEO Dave Balter hit the nail on the head, citing the recurring falsehood, specifically among the media, that cryptocurrency price is somehow an indicator of its success. He continued:

“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.”

As of March 1, EOS tops the FCAS rankings, with Ethereum (ETH) and Bitcoin (BTC) taking spots #2 and #3. The firm’s full rankings, as well as additional data, may be found on their official site.