As the crypto market witnesses intriguing developments, on-chain metrics reveal that Bitcoin (BTC) and Ethereum (ETH) are currently trading at discounted prices due to increased network activity. Meanwhile, Orbeon Protocol (ORBN), an innovative crowdfunding platform, is making headlines as it experiences remarkable demand as well as witnessing an astounding 2713% price surge during its presale phase.

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Bitcoin (BTC)

A distinctive on-chain metric that gauges the Bitcoin (BTC) comparative value reveals that Bitcoin (BTC) has become increasingly cost-effective in 2023, even amidst its latest price upswing.

Since the beginning of the year, the Network Value to Transaction (NVT) ratio for Bitcoin (BTC) has plummeted by 60%, while the cryptocurrency’s price has concurrently ascended by over 70%. At this juncture, the Bitcoin (BTC) NVT ratio rests at 36.18, just slightly beneath its 365-day average of 36.40.

The NVT ratio is an innovative metric that scrutinizes the association between a digital asset’s market capitalization and the volume of transfers taking place on the Bitcoin (BTC) network. The drop in the Bitcoin (BTC) NVT ratio can be attributed to the transaction activity expanding more rapidly than its actual price.

A surge in network activity typically signals an optimistic perspective for the asset. In this particular case, the accelerated network activity surpassing the Bitcoin (BTC) price growth implies that Bitcoin (BTC) is currently trading at a more affordable value than its potential worth.

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Ethereum (ETH)

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is also trading at a discounted rate in comparison to its metrics.

On-chain examination of the Ethereum (ETH) comparative value unveils that its NVT ratio has plunged by more than 68% since the o

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Author: Crypto Daily

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