Since March, Cardano’s daily transaction volume has made lower highs, consolidating a downtrend. Data shows $1.53 billion transacted on Cardano in the last 24 hours. Comparatively, the network confirmed over $11.56 billion in March’s peak, making ten times more volume then.

As of this writing, ADA trades at $0.40, 48% down from the $0.77 exchange rate of March. This loss is notably lower than the drop in network activity, highlighting this onchain downtrend relevancy to Cardano.

Yet, Cardano’s NVT ratio on July 30 was 9.16. This is a relatively low Network Value-to-Transaction ratio in the crypto space. Comparatively, Bitcoin and Ethereum have a 251 and 166 NVT ratio each, respectively.

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Read more at Finbold: https://finbold.com/is-ada-overvalued-cardanos-network-volume-is-on-a-downtrend/