Bitcoin Still “Overvalued” According To NVT Ratio

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 wheth