Crypto Markets Analysis: Crypto’s version of the P/E ratio, shows that bitcoin and ether are trading at a discount, despite the cryptos' recent price increases. GWilliamsJr_CMT reports
Investors would be keen to note the extent of NVT ratio fluctuations, which tend to oscillate. For that reason, daily moves should be viewed in context with a longer-term trend. For BTC, the overall trend has been downward since December 2022.
The same dynamic holds true for ether because its NVT ratio of 74.16 is down 68% since January, by comparison to a 51% increase in ETH’s price.ETH’s current NVT ratio is trading at a 19% discount to its 365-day average, a larger spread than the one that exists between BTC’s current and 365-day NVT ratios.
Ironically, the difference is almost identical to the 18% spread in year-to-date performance for BTC and ETH, as part of their strong overall correlation.
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