Is Bitcoin Price Near The Top

Despite bitcoin’s meteoric rise of over 550% this year, on-chain analysis paints a picture of it still being early in the game. Why? Three words: Coin Days Destroyed (CDD).

Nowhere Near The Top This Year

By assessing CDD, we can visualize the confidence among long-term bitcoin holders relative to the current price of bitcoin.

To understand how CDD works, let’s start with coin days.

What Is A Coin Day?

Coin days are the number of days since a bitcoin was moved over from one wallet to another. The logic behind them is to assign a higher value to an idle coin. Why? Because long-term bitcoin holders have greater knowledge of market cycle volatility and thus are more adept at identifying the best times to buy or sell.

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