The Network Value-to-Transaction (NVT) ratio is a powerful cryptocurrency fundamental analysis indicator often used to spot overvalued and undervalued cryptocurrencies. On that note, Finbold encountered two networks with a better NVT ratio than Bitcoin (BTC), likely undervalued against the leader.
The leading cryptocurrency NVT has been on a notable uptrend since November 2022, as BTC’s demand started concentrating on off-chain transactions and derivatives trading – via futures contracts or spot Bitcoin ETFs.
We retrieved data from Santiment on July 21, showing an all-time high seven-day Network Value-to-Transaction ratio of 205.63. Essentially, Santiment calculates it by dividing Bitcoin’s market capitalization over the network’s transaction volume in the last seven days.
Therefore, a higher NVT means the market valuation is proportionally higher than how much value the network moves. According to this metric, BTC could be overvalued as its blockchain transaction
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