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Ethereum's Network-to-Value Ratio Slides to 3-Month Low as ETH Rallies 20%
The widely tracked ratio measures ether's market capitalization in relation to the value of on-chain transactions processed on the Ethereum network.
Updated Mar 15, 2023, 3:33 p.m. Published Mar 15, 2023, 7:07 a.m.
An on-chain indicator suggests leading smart-contract blockchain Ethereum's native cryptocurrency, ether , may be trading at compelling valuations.
- The seven-day average of Ethereum's network-to-value (NVT) ratio, which measures the cryptocurrency's market capitalization (numerator) in relation to the value of on-chain transactions processed on the underlying blockchain (denominator), slipped to 59.3.
- That's the lowest since Nov. 19, according to data tracked by blockchain analytics firm Glassnode.
- A rising ratio, implying a slower growth rate of onchain transactions relative to the cryptocurrency's price, suggests the network is overvalued. A declining ratio indicates otherwise.
- The metric is analogous to the price/earnings (P/E) ratio widely used in stock markets to gauge whether a share price is cheap or expensive.
- Ether has gained over 20% since late Friday, with the price reaching a six-month high of $1,784 at one point, CoinDesk data shows.
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What to know:
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
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