The average of the market cap's entire history, expressed as a price per bitcoin — a sort of 'average price' smoothed over the network's whole life.
A very-long-term floor. Historically, price has only dropped BELOW the Average Price during the deepest bear-market bottoms (capitulations): rare accumulation zones. Above it is the norm. Read it as a structural support marker, not a precise buy signal. (Cumulative average since Jul 2010, the start of our price history → slightly different from references that accumulate since genesis.)