Ethereum market sentiment was bullish in April and May 2021, as is shown in the development of the cryptocurrency's NVT ratio. The Network Value to Transactions or NVT ratio is somewhat comparable to a P/E ratio, in that it compares the number of transactions of a particular coin on a set day against that coin's market cap. A low NVT ratio means that that transaction volume of a cryptocurrency is growing faster than the coin's market cap - meaning investor sentiment is bullish, or optimistic - whereas a high ratio refers to a network that has a relatively high network value but low network activity - meaning sentiment is bearish, or negative.
NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022
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Coin Metrics. (September 23, 2022). NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022 [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1278275/ethereum-sentiment/
Coin Metrics. "NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022." Chart. September 23, 2022. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1278275/ethereum-sentiment/
Coin Metrics. (2022). NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022. Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1278275/ethereum-sentiment/
Coin Metrics. "Nvt Ratio - The Market Cap against The Number of Transactions on The Blockchain - of Ethereum (Eth) from July 1, 2020 to September 23, 2022." Statista, Statista Inc., 23 Sep 2022, https://www.statista.com/statistics/1278275/ethereum-sentiment/
Coin Metrics, NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022 Statista, https://www.statista.com/statistics/1278275/ethereum-sentiment/ (last visited October 31, 2024)
NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from July 1, 2020 to September 23, 2022 [Graph], Coin Metrics, September 23, 2022. [Online]. Available: https://www.statista.com/statistics/1278275/ethereum-sentiment/
