Firsthand Bitcoin · Data · Bitcoin miners
Network value to transactions: market capitalisation against the value settled on chain, on 90-day averages.
NVT ratio (90-day) opened 2026 at 168.0 (January 1, 2026) and closed at 213.8 (November 6, 2026), up 27.3%. The high was 253.0 on May 27, 2026 and the low 167.3 on January 2, 2026.
| Month | Month end |
|---|---|
| January 2026 | 174.7 |
| February 2026 | 194.6 |
| March 2026 | 203.6 |
| April 2026 | 211.6 |
| May 2026 | 249.8 |
| June 2026 | 239.2 |
| July 2026 | 236.1 |
| August 2026 | 218.5 |
| September 2026 | 220.2 |
| October 2026 | 212.4 |
| November 2026 | 213.8 |
Bitcoin’s price-to-earnings ratio: market capitalisation divided by the dollar value the chain settles. A high reading means the network is valued richly against its use; a low one means it is cheap. Both series are averaged over 90 days, which is how the signal is usually read.
Other years: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2026: Bitcoin price · Distance from the all-time high · 200-day and 200-week averages · Network hashrate · Mining difficulty · Difficulty adjustments · Fees paid to miners · Transactions per day · Hashprice · Miner revenue · Miner prices per terahash · Bitmain releases and the bitcoin price