{"id":513062,"date":"2022-12-20T10:31:08","date_gmt":"2022-12-20T15:31:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=513062"},"modified":"2024-06-11T11:20:18","modified_gmt":"2024-06-11T11:20:18","slug":"bitcoin-overvalued-according-nvt-ratio","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-overvalued-according-nvt-ratio\/","title":{"rendered":"Bitcoin Still “Overvalued” According To NVT Ratio"},"content":{"rendered":"

On-chain data shows signs aren’t looking good for Bitcoin as the NVT ratio is indicating that the crypto is still overvalued right now.<\/p>\n

Bitcoin NVT Ratio Continues To Be At High Values<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, BTC is currently overvalued from an on-chain perspective. The “Network Value to Transactions (NVT) ratio<\/a>” is an indicator that measures the ratio between the market cap of Bitcoin and its transaction volume (both in USD).<\/p>\n

This ratio judges whether the current value of Bitcoin (that is, the market cap) is fair or not, by comparing it against the network’s ability to transact coins right now (the transaction volume). When the metric has a high value, it means the price of BTC is high compared to the volume, and thus the coin could be inside a bubble at the moment. On the other hand, low values suggest BTC may be undervalued as the chain has a high ability to transact coins (in comparison to the market cap) right now.<\/p>\n

Related Reading: Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap<\/a><\/div>\n

Here is a chart that shows the trend in the Bitcoin NVT ratio over the past year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the metric's value has been pretty high during recent weeks | Source: CryptoQuant<\/a><\/pre>\n
As the above graph highlights, the Bitcoin NVT ratio jumped up following the LUNA collapse<\/a> back in May of this year and has since mostly stayed at similar or higher levels. This means that despite the price observing multiple crashes in the period, the coin’s value still became increasingly overvalued as volumes across the market sharply dropped.<\/p>\n
Even after the FTX crash<\/a>, which has delivered another solid blow to the crypto’s market cap, the metric has only climbed higher as it has registered a new high for the year recently. BTC has only been getting more and more overpriced as the bear has gotten deeper, suggesting the dire state of the market in terms of trading volumes.<\/p>\n
Related Reading:  Bitcoin Bearish Signal: \u2018Mid-Term\u2019 Holders Show Signs Of Dumping<\/a><\/div>\n
The quant also notes that the number of UTXOs in loss (basically the amount of wallets\/investors in loss), has been consistently rising throughout the bear.<\/p>\n
\"Bitcoin<\/p>\n
The metric continues to ride on a constant uptrend | Source: CryptoQuant<\/a><\/pre>\n
Both these signs are certainly not in the favor of Bitcoin and may imply there is further pain ahead for investors. “A more extended bear market could be seen as a potential risk that could add selling pressure,” explains the analyst.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $16,800, down 5% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The price action in the asset seems to have been stale in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows signs aren’t looking good for Bitcoin as the NVT ratio is indicating that the crypto is still overvalued right now. Bitcoin NVT Ratio Continues To Be At High Values As pointed out by an analyst in a CryptoQuant post, BTC is currently overvalued from an on-chain perspective. The “Network Value to Transactions (NVT) ratio” is an indicator that measures the ratio between the market cap of Bitcoin and its transaction volume (both in USD). This ratio judges whether the current value of Bitcoin (that is, the market cap) is fair or not, by comparing it against the network’s ability to transact coins right now (the transaction volume). When the metric has a high value, it means the price of BTC is high compared to the volume, and thus the coin could be inside a bubble at the moment. On the other hand, low values suggest BTC may be undervalued as the chain has a high ability to transact coins (in comparison to the market cap) right now. Related Reading: Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap Here is a chart that shows the trend in the Bitcoin NVT ratio over the past year: Looks like the metric’s value has been pretty high during recent weeks | Source: CryptoQuant As the above graph highlights, the Bitcoin NVT ratio jumped up following the LUNA collapse back in May of this year and has since mostly stayed at similar or higher levels. This means that despite the price observing multiple crashes in the period, the coin’s value still became increasingly overvalued as volumes across the market sharply dropped. Even after the FTX crash, which has delivered another solid blow to the crypto’s market cap, the metric has only climbed higher as it has registered a new high for the year recently. BTC has only been getting more and more overpriced as the bear has gotten deeper, suggesting the dire state of the market in terms of trading volumes. Related Reading: Bitcoin Bearish Signal: \u2018Mid-Term\u2019 Holders Show Signs Of Dumping The quant also notes that the number of UTXOs in loss (basically the amount of wallets\/investors in loss), has been consistently rising throughout the bear. The metric continues to ride on a constant uptrend | Source: CryptoQuant Both these signs are certainly not in the favor of Bitcoin and may imply there is further pain ahead for investors. “A more extended bear market could be seen as a potential risk that could add selling pressure,” explains the analyst. BTC Price At the time of writing, Bitcoin is trading around $16,800, down 5% in the last week. The price action in the asset seems to have been stale in the last few days | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":513091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,85843,87456,1119,1144],"class_list":["post-513062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-nvt-ratio","tag-bitcoin-overvalued","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Still "Overvalued" According To NVT Ratio<\/title>\n<meta name=\"description\" content=\"On-chain data shows signs aren't looking good for Bitcoin as the NVT ratio is indicating that the crypto is still overvalued right now. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Still “Overvalued” According To NVT Ratio","url":"http:\/\/uniquehot.com\/news\/bitcoin-overvalued-according-nvt-ratio\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-overvalued-according-nvt-ratio\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-2-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin nvt ratio","bitcoin overvalued","btc","btcusd"],"dateCreated":"2022-12-20T15:31:08Z","datePublished":"2022-12-20T15:31:08Z","dateModified":"2024-06-11T11:20:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Still “Overvalued” According To NVT Ratio\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-overvalued-according-nvt-ratio\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-overvalued-according-nvt-ratio\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/maxim-hopman-fiXLQXAhCfk-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/maxim-hopman-fiXLQXAhCfk-unsplash-2-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin nvt ratio\",\"bitcoin overvalued\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-12-20T15:31:08Z\",\"datePublished\":\"2022-12-20T15:31:08Z\",\"dateModified\":\"2024-06-11T11:20:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/maxim-hopman-fiXLQXAhCfk-unsplash-2-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/513062"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=513062"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/513062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/513091"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=513062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=513062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=513062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}