Released in the latest weekly report from Stack Funds, data from Bitcoin’s network value to transaction (NVT) ratio still remains firmly bullish.
Report: NVT suggests Bitcoin “not overvalued”
According to analysts at Stack, despite Bitcoin gaining 30% in 2021 already, the gains are far from over. Far from warning that the top is imminent or already here, NVT is reminiscent of the start of a bull run, not the end.
“Currently, NVT is trading at the 70 handle, and lies roughly in the middle of the range. This suggests that Bitcoin not in the overvalued territory despite the recent price rally the past few weeks,” the report summarizes.
“If anything, a potential spike in the NVT ratio could mean that Bitcoin is ready for yet another explosive move upwards.”
An accompanying chart highlights a divergence in