BTC price is overvalued, according to this Bitcoin network value indicator ATH
Bitcoin (BTC) retrieved a four-month price range above $60,000 after a two-week deviation, trading at $64,000. However, a network value indicator at an all-time high suggests Bitcoin could be overvalued in its current state. In particular, Finbold retrieved data from Santiment showing Bitcoin’s Network Value-to-Transaction (NVT) ratio reached an all-time high on July 19. The NVT indicator is often compared to the price -to-earnings (P/E) indicator for stocks, which is used for fundamental Analysis . As observed, Bitcoin’s seven-day NVT ratio is at 151 considering a $19.43 billion transaction volume at $64,100. In 2021, the Network Value-to-Transaction peaked at 58 with BTC trading at $44,800 and $106.92 billion transacted on-chain. Picks for you Gavin Newsom net worth 2024 | How much money does Governor Gavin Newsom have? ...