Ethereum's NVT ratio slides as its native token $ETH rallies more than 20% in five days. godbole17 reports
An on-chain indicator suggests leading smart-contract blockchain Ethereum's native cryptocurrency, ether , may be trading at compelling valuations.
The seven-day average of Ethereum's network-to-value ratio, which measures the cryptocurrency's market capitalization in relation to the value of on-chain transactions processed on the underlying blockchain , slipped to 59.3.A rising ratio, implying a slower growth rate of onchain transactions relative to the cryptocurrency's price, suggests the network is overvalued. A declining ratio indicates otherwise.
The metric is analogous to the price/earnings ratio widely used in stock markets to gauge whether a share price is cheap or expensive. Ether has gained over 20% since late Friday, with prices reaching a six-month high of $1,784 at one point, CoinDesk data show.
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