Crypto Market Undervalued Despite Bitcoin’s $63K Surge, Says Analyst
- Benjamin Cowen said that boring summers are not unheard of in crypto.
- The total crypto market capitalization is currently undervalued.
- The trends of overvaluation and undervaluation are common in the crypto space.
Benjamin Cowen, CEO of crypto education platform IntoTheCryptoverse, recently discussed the current crypto market landscape, stating that a “boring” summer is not uncommon in the digital asset sector. The analyst highlighted that last summer also saw a similar period of relative inactivity.
In a YouTube video, Cowen acknowledged that as of July 1, 2024, the total cryptocurrency market capitalization stands at a healthy $2.33 trillion. However, this figure remains 14.72% undervalued against the fair value logarithmic regression trend line, which hovers around $2.74 trillion.
This trend line (red in color) illustrates the market’s historical highs and lows. The green lines at the top and bottom, shown in the image below, represent the boundaries of overvaluation and undervaluation.
Cowen noted that the market is currently undervalued, but this is not unprecedented. A look back at 2017 reveals a similar pattern: a long consolidation phase f…
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