As $ETH price reaches over $3,000 setting a new ATH, the NVT R | Glassnode

As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows.

Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.

Today's market strength is supported by volume settled on-chain.

Live Chart | @glassnode