The highest NVT ratio for bitcoin that I found on record was 448.15 on Aug. 29, 2010. Was it overvalued? Well, BTC traded for about 6 cents at the time, and is around $22,000 now, so the relevance of this reading is a bit dubious in my opinion. What if we toss out all data before 2014? That gives a maximum NVT ratio of 98.52, which I think is more sensible. Bitcoin’s lowest NVT on record was 0.22 on Jan. 24, 2016, when BTC was trading at $403. The average NVT over the time span studied was 24, which I also think has relevance.