Ethereum market sentiment was bullish in April and May 2021, as is shown in the development of the cryptocurrency's NVT ratio. The Network Value to Transactions or NVT ratio is somewhat comparable to a P/E ratio, in that it compares the number of transactions of a particular coin on a set day against that coin's market cap. A low NVT ratio means that that transaction volume of a cryptocurrency is growing faster than the coin's market cap - meaning investor sentiment is bullish, or optimistic - whereas a high ratio refers to a network that has a relatively high network value but low network activity - meaning sentiment is bearish, or negative.
NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025
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Coin Metrics. (January 31, 2025). NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025 [Graph]. In Statista. Retrieved February 14, 2025, from https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed
Coin Metrics. "NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025." Chart. January 31, 2025. Statista. Accessed February 14, 2025. https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed
Coin Metrics. (2025). NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025. Statista. Statista Inc.. Accessed: February 14, 2025. https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed
Coin Metrics. "Nvt Ratio - The Market Cap against The Number of Transactions on The Blockchain - of Ethereum (Eth) from January 1, 2021, to January 30, 2025." Statista, Statista Inc., 31 Jan 2025, https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed
Coin Metrics, NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025 Statista, https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed (last visited February 14, 2025)
NVT ratio - the market cap against the number of transactions on the blockchain - of Ethereum (ETH) from January 1, 2021, to January 30, 2025 [Graph], Coin Metrics, January 31, 2025. [Online]. Available: https://www.statista.com/statistics/1278275/ethereum-sentiment/?__sso_cookie_checker=failed