If you're like most, you just want the bottom line and you want it now. So here it is- Bitcoin is "worth" whatever the next man will pay you for it- some may call this a greater fool theory, others just see it as simple supply and demand. But simply put, the market cap of BTC as of this article is approximately 44.6 Billion- which represents only 39% of the total crypto in "circulation"- as many who have been following BTC for some time know, this is a virtual all time low as far as BTC % of total crypto market cap- most of this erosion has come from the stratospheric growth of Etherium, which is 75% of BTC's market cap (see chart below from coinmarketcap.com)
So BTC is by no means the clear cut winner as many once thought; I do however still believe BTC will be the standard by which all other alt's are based off of, but it does appear as if Etherium is the most viable contender for the throne. The fundamental analysis around the "worth" of most crypto is rooted in the mining fees being colected, how much you value a certain blockchains IP or "niche" is a whole different beast in and of itself- today there are almost 7 million dollars a day of fees being collected on the BTC blockchain, versus just 1 million a year ago, so the fundamental analysis behind BTC might suggest that it is actually fairly valued in relation to itself or perhaps even undervalued currently in relation to the other alt's, namely Etherium, and you can toss in Ripple too.
As far as #'s in terms of US dollars, there was a guy on CNBC today saying BTC could go to 500K by 2030. WOW! Well if its just about headlines, then I say it can go to 1,000,000 dollars by 2031!!! (hey thats only a 100% pop off of a 500K price target of some other crazy smart VC guy on CNBC)- but now herein lies the current pricing conundrum...
The fundamental analysis which could potentially drive BTC higher is based on mining fees which many believe are being artificially inflated at the moment by the aforementioned miners themselves. So while many people are still choosing to use the BTC network and pay a higher fee (which I believe they just simply don't know they're paying more), the potential for a scaling solution to allow for both a faster and cheaper network again (as many believe Satoshi envisioned in the first place), is in fact a fundamental negative for the BTC price, while the potential growth of the network and the additional IP value is a positive- if a legitimate scaling solution is implimeted there is a high likelihood that the other alt's would lose market cap back to BTC- so how do you try to fundamentally figure out what BTC is worth? The answer, you don't...
There is no proper way to fundamentally value BTC, any analysis based on mining fees is just simply one's attempt to rationalize an asset which was essentially created out of no where, essentially exists no where, and is not controlled by any person or central agency. While there are many who are successfully trading BTC and alts using Algo's and technical analysis, they don't pretend to know what these coins are fundamentally worth- they are simply trading lines on a screen, and for now thats probably the smartest way to do it.
In a matter of 8 years, BTC has gobbled up some 44+ Billion worth of traditional fiat currency from the global economies- include all the other alt coins, and that total figure exceeds 100 Billion, so either there are a lot of "greater fools" out there, or maybe their is actually something to this whole crypto currency thing, and we're only really just getting started...