Cardano market sentiment became increasingly bullish in 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.
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NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025
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Coin Metrics. (April 22, 2025). NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025 [Graph]. In Statista. Retrieved June 17, 2025, from https://www.statista.com/statistics/1278703/cardano-sentiment/
Coin Metrics. "NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025." Chart. April 22, 2025. Statista. Accessed June 17, 2025. https://www.statista.com/statistics/1278703/cardano-sentiment/
Coin Metrics. (2025). NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025. Statista. Statista Inc.. Accessed: June 17, 2025. https://www.statista.com/statistics/1278703/cardano-sentiment/
Coin Metrics. "Nvt Ratio - Market Cap against The Number of Transactions on The Blockchain - of Cardano (Ada) from January 1, 2021 to April 21, 2025." Statista, Statista Inc., 22 Apr 2025, https://www.statista.com/statistics/1278703/cardano-sentiment/
Coin Metrics, NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025 Statista, https://www.statista.com/statistics/1278703/cardano-sentiment/ (last visited June 17, 2025)
NVT ratio - market cap against the number of transactions on the blockchain - of Cardano (ADA) from January 1, 2021 to April 21, 2025 [Graph], Coin Metrics, April 22, 2025. [Online]. Available: https://www.statista.com/statistics/1278703/cardano-sentiment/