比特幣網絡對交易（NVT）金十字的價值可能表明資產尚未過熱

交易的比特幣網絡價值（NVT）黃金十字可能表明，儘管資產的價格尚未過熱，儘管其價格向新的歷史最高（ATH）提出。

This news article from CryptoQuant highlights an interesting on-chain indicator: the Bitcoin Network Value to Transactions (NVT) Golden Cross. The article claims that this indicator could indicate that the asset isn't overheated yet, despite its price marching to a new all-time high (ATH).

CryptoQuant的這篇新聞重點介紹了一個有趣的鏈上指標：交易的比特幣網絡價值（NVT）Golden Cross。文章聲稱，該指標可能表明該資產的價格尚未過熱，儘管其價格向新的歷史高（ATH）提出。

The article explains that the NVT Ratio is an on-chain indicator that keeps track of the ratio between the BTC market cap and transaction volume. It adds that if the utility of the network (measured in terms of the transfer volume) is considered as a reflection of its ‘true’ value, then this ratio can be used for judging whether the price is undervalued or overvalued.

文章解釋說，NVT比率是一個鏈指標，可以跟踪BTC市值和交易量之間的比率。它補充說，如果網絡的效用（根據傳輸量來衡量）被認為是其“真實”價值的反映，則該比率可用於判斷價格是否被低估還是被高估。

When the value of the indicator is high, it means the value of the network (that is, the market cap) is high compared to its ability to transact coins. Such a trend may be a sign that the asset is becoming overpriced. On the other hand, the indicator being low could imply room for growth in the cryptocurrency’s market cap, as its value is low when compared to the transaction volume.

當指標的值較高時，這意味著與交易硬幣的能力相比，網絡的價值（即市場上限）很高。這種趨勢可能表明資產價格過高。另一方面，指標較低可能意味著加密貨幣的市值增長的空間，因為與交易量相比，其價值很低。

In the context of the current topic, a derivative form of the NVT Ratio is the indicator of interest. This metric, known as the NVT Golden Cross, is a signaling indicator for the NVT Ratio similar to the Bollinger Bands, telling us about whether the ratio’s value is near a top or bottom.

在當前主題的背景下，NVT比率的衍生形式是感興趣的指標。該指標被稱為NVT Golden Cross，是與Bollinger頻段相似的NVT比率的信號指標，告訴我們該比率的值是接近頂部還是底部。

The NVT Golden Cross compares two moving averages (MAs) of the NVT Ratio in order to determine this: the 10-day MA to gauge the short-term trend and the 30-day MA for the long-term one.

NVT Golden Cross比較了NVT比的兩個移動平均值（MAS），以確定這一點：10天MA以評估短期趨勢和長期的30天MA。

Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the last few months:

現在，這是一個圖表，顯示了過去幾個月比特幣NVT金十字的趨勢：

As displayed in the above graph, the Bitcoin NVT Golden Cross has recently been on the rise as the cryptocurrency’s price has rallied to a new ATH. At present, the indicator is sitting at a value of 1.5.

如上圖所示，比特幣NVT金十字雜誌最近在加密貨幣的價格上漲，這已經上升了。目前，指示器的值為1.5。

In the chart, the quant has highlighted two zones for the metric that have been of significance in the past. The region beyond 2.2 (shaded in red) corresponds to the territory where tops generally occur for BTC and that under -1.6 (green) to the bottoming zone.

在圖表中，量子量強調了過去的兩個區域，這些區域過去曾經是顯著性的。 2.2以上的區域（紅色為紅色）對應於BTC通常出現頂部的區域，而在-1.6（綠色）到底部的區域。

Clearly, despite the recent uptrend, the NVT Golden Cross hasn't yet broken into the red zone, a potential sign that the cryptocurrency may still not be too overpriced. Naturally, this could allow room for the run to continue further.

顯然，儘管最近的上升趨勢，但NVT Golden Cross尚未闖入紅色區域，這是潛在的信號，即加密貨幣可能仍然不會太高。自然，這可以使跑步的空間繼續進一步。

BTC Price

BTC價格

Bitcoin set a new record earlier today as its price went to $109,400, surpassing the previous ATH around $109,200.

比特幣在今天早些時候創下了新的記錄，因為其價格達到109,400美元，超過了109,200美元的ATH。