Analysts Say Bitcoin Remains Cheap, Investors Await US Election Results! Here Are the Details
Bitcoin (BTC) traded between $54,000 and $55,000 over the weekend as investors await a critical week marked by US economic data releases and the high-profile presidential debate between Donald Trump and Kamala Harris.
Bitcoin Is ‘Largely Worthless’ Ahead of CPI Release and Trump-Harris Debate Week, Investors Say
As the market awaits inflation figures and political developments that usually affect crypto prices, BTC trading volumes were lower and there was little movement among major tokens.
On Friday, a sudden market crash following the employment report triggered the liquidation of over $220 million worth of crypto long positions, leading to sluggish activity.
Other leading cryptocurrencies such as Ethereum (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP), and Tron (TRX) are posting modest increases of around 0.5% in the past 24 hours, while mid-cap tokens such as NEIRO and BitTorrent token (BTT) are up 25%.
Analysts at Presto Research are bullish on Bitcoin’s current value, describing it as extremely undervalued. In a note published today, analysts Peter Chung and Min Jung highlighted Bitcoin’s network security as a key indicator of its value.
“The hashrate, which represents the computing power that secures the Bitcoin network, reached an all-time high of 679 EH/s, making Bitcoin by far the most secure network,” analysts said, adding that this factor was ignored by the market.
“Given the growth potential driven by hashrate growth and spot ETFs, BTC appears undervalued at current prices,” the analysts added.
Historically, rising hashrates signal price bottoms for Bitcoin, and miners expand their operations in response to the current trend.
*This is not investment advice.