- The NVT ratio exited bearish territory after a long time.
- The transaction count moved in tandem with the price rise.
The world’s largest digital asset Bitcoin [BTC] rose back above $37,000 in the last 24 hours, sustaining the interest of bullish market participants.
The rally has resulted in a 32% spike in Bitcoin’s market cap over the last month, AMBCrypto found out after examining CoinMarketCap’s data.
Source: CoinMarketCap
As Bitcoin gained momentum, one of its crucial growth potential metrics revealed a healthy picture.
Network activity matches market cap growth
The asset’s Network Value-to-Transaction (NVT) ratio significantly improved over the last month, according to an X post by on-chain analytics firm Santiment. In fact, the ratio exited bearish territory after spending the majority of 2o23 in it.
The recovery was made possible due to a sharp uptick in network activity in October.
The NVT ratio de
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Author: Aniket Verma