Will Ethereum's low network utilization eclipse ETH's rise? Gauging...
One of the most powerful measures of a blockchain’s utilization is the Network Value-to-Transaction ratio. According to Santiment, Ethereum’s NVT Ratio spiked in the last few days. This implied that the network’s market cap had outpaced on-chain network activity.
Moreover, the number of new active addresses getting created on the chain tumbled, significantly impeding network growth. The velocity indicator, which shows how frequently ETH tokens change addresses daily, showed a decline after an uptick was seen earlier. This reinforced that transaction activity was muted on Ethereum.While concerns around network utilization rose, another intriguing development caught the eye of crypto watchers.
However, the latest trend could also signal their growing trust in centralized exchanges, which hit rock bottom following
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