Bitcoin Price To Wallet Ratio Has Mimicked 2013

Bitcoin China

Bitcoin has not been this good value ever since it had a price of $1,130, with a single analyst arguing as BTC offers up a compelling risk/reward ratio.

In a thread on Twitter on the 7th of July, the director of global macro at Fidelity Investment, Jurrien Timmer, went on to describe the $20,000 price value of the cryptocurrency as quite cheap. While there have been fears that the crypto markets could potentially suffer further drawdowns throughout this year, some believe that the current price of BTC does offer exactly the kind of value for money that was never seen before.

When Timmer went on to analyze the price of BTC versus the number of addresses that were non-zero- as in wallets with a positive balance- the Director went on to conclude that the exchange was now back at where it was situated at the peak of the bull market back in 2013.

Bitcoin Is Turning Quite Cheap

Back in 2013, the Bitcoin exchange had managed to touch around $1,130 before it spend quite a few years consolidating due to the demise of Mt. Gox, the exchange. The Director went on to explain that he had used the price per millions of non-zero addresses as a major estimate for the valuation of BTC, and the chart showed that the valuation had returned to its 2013 levels- even though the price was only at its 2020 levels. To put it simply, he thought that the cryptocurrency had finally turned extremely cheap. 

As it turns out, the price/network of Bitcoin is not the only inspiring sign when it does come to the growth of the cryptocurrency despite the bearish market that the current cryptocurrency sector finds itself in. The Director also added that the adoption of BTC still reflected itself in the rise of the internet.