Jurrien Timmer, Fidelity’s global director of macros, shared his comments on cryptocurrencies in a recent Twitter thread. He stated that especially the biggest cryptocurrencies Bitcoin and Ethereum are very cheap. The executive drew attention to the fact that Bitcoin’s valuation is at its lowest levels since 2013. At the same time, Timmer claims that Ethereum, the second largest cryptocurrency, is “cheaper” compared to Bitcoin at current prices. Here are the details…
Cryptocurrency valuation by Timmer: Cheap!
Bitcoin (BTC) and Ethereum (ETH), the largest coins, fell 68.58 percent and 74.95 percent, respectively, from their record highs, according to the latest cryptocurrency data. Timmer believes Ethereum could be close to reaching the bottom of the correction. Speaking of Bitcoin adoption, the executive believes that Bitcoin follows the internet adoption curve rather than the “more exponential” mobile adoption curve. This suggests that Bitcoin will experience a more “modest” price increase in the future.
It's the middle of summer, but for crypto, it's winter. Bitcoin and crypto in general have not been spared from the widespread drawdowns this year, and that’s an understatement. So, let’s see where things stand. 🧵 pic.twitter.com/k4nBE1nMk9
— Jurrien Timmer (@TimmerFidelity) July 8, 2022
cryptocoin.com As we reported, Timmer recently drew parallels between Bitcoin and Apple in terms of their growth trajectories. Fidelity, the first US financial giant to adopt Bitcoin, continues its rise in the largest cryptocurrency despite its massive price correction. Last month, Timmer pointed out that Bitcoin’s price/network ratio is at its lowest level since 2017.
Earlier today, Bitcoin rallied to $22,000, but the largest cryptocurrency erased some of its gains amid stronger-than-expected US jobs data. The cryptocurrency market remains under pressure due to the extremely hawkish monetary policy of the US Federal Reserve (FED).
What is the latest situation in the market?
After yesterday’s several-week high, Bitcoin has stalled. It was pushed back below $22,000. Similar movements were seen last weekend. Movements in altcoins were also limited. As recently reported, last weekend was pretty stagnant in terms of price action, perhaps due to the national US holiday on Monday. However, as this holiday ended, BTC started to gain value. It skyrocketed from $19,000 to $20,000.
After several rejections, the entity managed to rise above it. He even continued to climb. As a result, he was about to knock on the door at $21,000, which was soon removed on Thursday. Cryptocurrency continued its rise, exceeding $22,000. It hit a three-week high at around $22,500. However, it was stopped at this point. The bearish ones in the market pushed BTC down by about $1000. However, its market cap remains well over $400 billion. BTC’s dominance over altcoins is just over 43 percent.
