First and foremost since the bitcoin price tend to follow a quite snappy dynamic it is hard to really apprehend its real value. basically market cap is derived from the number of active user on the network multiplied by the bitcoin price. in the end bitcoin market cap always tend to be far above expert' expectation, but does it mean it is overvalued. it is understandable that bitcoin appears like it has availed from the hype it created throughout the internet communities, but i think that the hype is gone now since its creation and guess what bitcoin still follows the same pattern and cycle it used to, hinting that somehow it could benefit from this hype but is not driven by it alone.
Like any market, bitcoin price assess on supply and demand while buyer and seller determine the value. according to a recently read article on investopedia, expert follows the Metcalfe'law to determine the value of a network which suggest to square the number of network user, in that scheme expectation is far below the current market valuation, but where does bitcoin gain its real value?
in fact i think that bitcoin gain it value from itself and its features, this is a relatively unseen technology that suggest new ways to do things, basically it will benefits from continious boost that will allow it to follow a certain pattern and eventually this will stop being called hype.
https://www.investopedia.com/news/bitcoin-overvalued-researchers-say/There is no "Real Value" for bitcoins or cryptocurrencies. Value for bitcoins or cryptos is been created by us by creating a proper demand for the existing supply. The price for such coins is in the upward trend until all of the coins are been mined out or are into circulation. The value for bitcoins is never the same and keeps on varying with the candles moving onto the graph.
Yes, I agree that bitcoins have gained the value for them only with its features and benefits. The benefits being with bitcoins makes peoples buy bitcoins which makes the value for them rise and the markets run simultaneously. It might really take couple of years to declare any specific price for bitcoins or cryptocurrencies.