Bitcoin is undervalued compared with its value settled
Based on the total value being settled on bitcoin, the network is undervalued
It's tough to make the case that bitcoin is undervalued when we were trading around $10k just a year ago.
That's a 6x return in a year's time...
Not many investments can make that kind of claim.
However, based on this fundamental the price of bitcoin should be much higher...
(Source: https://twitter.com/saraharrisons/status/1456902713208446979/photo/1)
Based on the amount settled on the network, the price should be higher.
This means either bitcoin is about to be used a lot less or the price is likely heading a lot higher based on historical measures.
Bitcoin being undervalued is good thing for altcoins, so no reason to panic... When money flows to altcoins, it starts a new cycle and eventually that money flows back to Bitcoin...