Cryptoasset Fundamental Analysis — 7 Indicators & Ratios to Watch

Metcalfe’s Law

7 Indicators & Ratios Used for Fundamental Analysis

  • Unique Addresses (Daily)
  • Transaction Value (Daily)
  • Mining Cost (Daily)
  • NVT Ratio — Bullish is <15 & Bearish is >25
  • MVRV Ratio — Undervalued is <1.5 and Overvalued is >3.5
  • Mayer Multiple — Bullish is <1.0 and Bearish is >2.4
  • Mining P/BE Ratio — Bullish is <1.2 and Bearish is >3.2

Network Value to Transactions (NVT) Ratio — The P/E Ratio of Crypto

From: Coin Metrics /

Network Unique Addresses (Daily) Indicator


Network Transaction Value (Daily) Indicator

Market-Value-to-Realized-Value (MVRV) Ratio

Mayer Multiple Ratio

  • Mayer Multiple = Price / 200 DMA (200-day moving average)
From: WooBull Charts

Price to Mining Cost Breakeven (P/BE) Ratio

Mining Cost Indicator




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Jake Ryan

Jake Ryan

CIO at Tradecraft Capital & Author of Crypto Asset Investing in the Age of Autonomy, published by Wiley