Jurrien Timmer, Fidelity’s global director of macros, in a recent Twitter post of bitcoin and Ethereum’s He claimed it was “cheap”.
The executive pointed out that Bitcoin’s valuation is at its lowest level since 2013.
“Ethereum is Cheaper Than Bitcoin”
Timmer also claims that Ethereum, the world’s second largest cryptocurrency, is also “cheaper” at current prices compared to BTC.
According to CoinGecko data, the world’s two largest cryptocurrencies exhibited large decreases from their record levels. While the BTC price decreased by 68.58% from the record level, the Ethereum price decreased by 74.95% from the same level.
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
Timmer believes that the correction in Ethereum could be close to reaching the bottom.
Also speaking of BTC adoption, the executive believes that BTC follows the internet adoption curve, rather than the “more exponential” mobile phone adoption curve. This indicates that Bitcoin will experience a more “modest” price increase in the future.
Timmer recently drew parallels between BTC and Apple in terms of growth curves.
Fidelity, the first US financial giant to adopt BTC, continues its bullish trend in the largest cryptocurrency despite the massive price correction.
Timmer noted last month that the BTC price/network ratio is at its lowest level since 2017.
The decline in the crypto money market made itself felt in crypto companies. Binance has recently switched to a globally zero fee policy on Bitcoin trading pairs in order to attract users.
*Not investment advice.