Fidelity’s Timmer says that the value of Bitcoin, the leader of the cryptocurrency market, has dropped to 2013 levels. Jurrien Timmer, Fidelity’s global director of macros, claimed in a recent thread of tweets that Bitcoin is “cheap” right now.
The executive drew attention to the fact that Bitcoin’s price-performance was at its lowest since 2013. At the same time, Timmer says that Ethereum, the second-largest cryptocurrency is “even cheaper” compared to Bitcoin at current prices.
According to data, the two largest cryptocurrencies fell by 68.58% and 74.95% respectively, from their record highs.
Timmer believes that the Ethereum correction could be close to bringing the price closer to the bottom. Also 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.
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 the Bitcoin price ratio is at its lowest since 2017. Earlier, Bitcoin rallied as high as $22,000 But the largest cryptocurrency wiped out some of its gains amid stronger-than-expected US employment data.
The cryptocurrency market continues to be under pressure due to the extremely harsh monetary policy of the Federal Reserve.