> For the complete documentation index, see [llms.txt](https://userguide.cryptoquant.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userguide.cryptoquant.com/zh/network-indicators/nvt-bi-lv.md).

# NVT比率

网络价值交易比（NTV比率）是指在特定窗口期内市值与交易额的比值。

## Definition

Network Value to Transactions Ratio (NVT Ratio) is defined as the ratio of market capitalization divided by transacted volume in the specified window.

$$
\text{NVT Ratio} = \frac{\text{Market Cap}}{\text{Transaction Volume in USD}}
$$

## Interpretation

NVT Ratio can be thought of as an indicator that measures whether the blockchain network is **overvalued or not**. If the value is too high, it means the network is overvalued compared to the low ability to transact coins in terms of volume, implying possible removal of the price bubble soon. This interpretation is based on the effect of [mean reversion](https://en.wikipedia.org/wiki/Mean_reversion_\(finance\)).

## Link to Our Data

* [NVT Ratio in CryptoQuant Live Chart](https://cryptoquant.com/overview/full/198?window=day)
* [NVT Ratio in CryptoQuant Data API docs](https://cryptoquant.com/docs/#operation/getRiskIndicatorNVT)


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