The crypto market looks good today, with most of the digital assets trading in the green. Check out the latest reports about the prices in the crypto market below.
New optimistic BTC prediction is out
A popular crypto strategist says the king crypto is grossly undervalued. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $19,228.
In a new interview on the Real Vision Crypto channel, Benjamin Cowen says that crypto assets are massively undervalued based on the logarithmic regression model.
“This chart is something I’ve shown a few times in the past. The blue line is the total cryptocurrency market capitalization. The red line is what’s called the fair value logarithmic regression trendline.”
He continued and said this:
“The whole idea is that the fair value of the asset class [crypto] increases monotonically with time and we sort of oscillate around that fair value.”
The analyst also made sure to explain the following:
“Right now, the data would suggest that we’re about 50% undervalued compared to where the fair value is.”
BTC could see a price catalyst
Galaxy Digital CEO Mike Novogratz addressed the fact that there is one catalyst that he predicts will end the prevailing crypto downturn.
When he was asked by a Bloomberg TV host in a new interview what will get Bitcoin (BTC) and Ethereum (ETH) out of the bear market, Novogratz said that for Bitcoin, it is the macro-environment.
He continued and said that Ethereum and other crypto assets would rely largely on innovation and to a certain extent, the macro conditions, to get out of the bear market.
“For Bitcoin, it’s about the macro. But for the rest of crypto, the Ethereum ecosystem, and all the other layer-1 and layer-2 blockchains being built, and what’s built on top of them, that’s an inevitable march just starting to change how we actually operate.”