Bitcoin Prices Up 16% In Seven Days At $7400, Still Undervalued
A strong rally over the last seven days sent Bitcoin prices firmly above the $7,000. Ethereum and XRP registered double-digit gains, too. Most gains came in the last forty-eight hours, following positive comments by Goldman Sachs’ incoming CEO about the digital currency. Then came a technical buy signal. Bitcoin prices crossed the 50-day moving average with a rising trade volume. Other cryptocurrencies followed suit, with 96 out of the top 100 cryptocurrencies registering big advances. That's an indication that new money is flowing into the entire sector rather than to major currencies only. And it means that the rally may have “legs” before it tapers off.How long are the “legs?” How far Bitcoin prices have to run before Bitcoin becomes overvalued? Bitcoin is down 1.21% over the past 24 hours and is currently trading at $7,336.61 on Coinbase.
