As Expected

The Network Value to Transaction (NVT) ratio is an on-chain indicator similar to the PE ratio in equity markets. It gives an estimation as to whether the network valuation is compatible with its usage. The NVT price is the multiple of 2-year on-chain median volume and the NVT ratio. The current NVT prices, both 28- and 90-average, are currently below market price, indicating that Bitcoin is still slightly undervalued and there is potential for further growth. Another on-chain indicator, Realized Value to Transaction (RVT) ratio, a derivative of the MVRV ratio, calculates the ratio between realized value to transaction volume. It creates a useful signal for local macro tops and bottoms, and can be used to gauge which phase the market is in. A local peak in the RVT ratio often coincides with a bull run reaching its cycle top. RVT values of the current cycle are on the uptrend, but there is still some distance to go before approaching previous tops.