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In this article, BeInCrypto takes a look at Bitcoin (BTC) on-chain indicators, focusing especially on the Network Value to Transaction (NVT) ratio.
What is NVT?
The NVT (Network Value to Transaction) is an on-chain indicator which shows the relationship between transaction volume and market capitalization. It is simply the ratio between the market value and the daily transaction volume.
A very high value is considered bearish, since it means that the increase in market value is not supported by an increase in transaction volume.