Chart of the Day
On-chain data remains strong. Network Value to Transaction (NVT) is the ratio between the market cap and entity-adjusted on-chain volume. NVT provides a good gauge of the relative value of Bitcoin without overlooking the actual economic throughput. At a glance, this chart exhibits an upward trend of increasing robustness on-chain. It also highlights that rapid price surges without solid support from on-chain activities tend to be less sustainable.
Talk of the Town
The Genesis Twttr. Twitter CEO Jack Dorsey has minted the first tweet on the social media platform as a non-fungible token (NFT). Bids have reached $2.5 million since it was announced last Friday, fueled by hype around crypto-collectibles, which has exploded in its popularity recently. Dorsey has been a true advocate of cryptocurrencies since the beginning of time, and the move into NFTs seems only natural. Looks like someone’s in for a tweet!