Whilst its easy to get fixated on the speculative price movements of Bitcoin as a main indicator of the health of the Bitcoin economy (as we often see in the Main Stream Media).
In my opinion two of the most important metrics I personally pay close attention to in the is the direction of Venture capital (VC) and the number of Bitcoin transactions per day.
Both these metrics are very important indicators of the current health of the Bitcoin network & growing utility. In addition they are good for predicting future growth of the network that will ultimately affect the Bitcoin spot price in the future.
The chart below shows growing divergence between total VC investment and the market price of Bitcoin. The current and potential development of infrastructure, services and utility from VC investment could be starting to indicate that the current spot price of Bitcoin is currently trading, or soon could be trading under the Net Asset Value (NAV) of the Bitcoin economy.
— CB Insights (@CBinsights) July 31, 2015
In addition to this, since the 2014 Bitcoin highs which saw Bitcoin trade over a $1000, the number of Bitcoin transactions per day on a year to year basis are up around 100% from 2014. This is a really important metric showing that Bitcoin use is becoming more and more widespread.
Should these statisics continue to climb in the current manor, we should eventually see more and more of this activity and productivity from VC investment being priced into the market.