The cryptocurrency market has fallen to its steepest discount to its long-term trend since 2010, but the pain may not be over, according to analyst Benjamin Cowen, founder of Into The Cryptoverse and a member of BeInCrypto’s Markets Intelligence Council. In two new videos, Cowen measured the total crypto market cap against his logarithmic regression trendline, revealing a gap that has never been wider in the asset class’s tradable history.

As of July 31, the total market cap stood at $2.152 trillion, while the model’s fair value was $5.737 trillion, leaving crypto 62.49% undervalued. The market now trades at 37.52% of fair value, a level only seen once before: on September 20, 2010, when it hit 32.72%. “We have been lower before all the…