Is Bitcoin overhyped?
hard to say.
bitcoin has the value we want to give it.
but according to many specialists, for the moment it's not expensive.
they even expect it to increase sharply in the near future.
Nothing in the world has a pre decided value. Value of any object is usually what buyers are ready to pay for it. Its simply the game of demand and supply. Higher the demand and lower the supply, more is its price. As demand of bitcoin increased overtime, so did its price.
I too think that BTC will increase sharply in near future as the bearish market is soon to end and institutional money is on the edge ready to flow in the crypto market.