Bitcoin Rises to $59,000 But Remains in Low Valuation Zone
Bitcoin is currently trading at $59,300, with a slight increase of around 4% since hitting a low of $57,000 over the past 24 hours. Bitfinex analysts predict that after the halving event, Bitcoin will continue to strengthen its price position, while other cryptocurrencies are attracting interest from investors thanks to their potential to bring value return higher profits.
The latest market report from Bitfinex states that Bitcoin is undervalued, with the Market Value to Realized Value (MVRV) index currently reaching 2.21. This is seen as a potential opportunity for investors as historical data shows there are significant profits when MVRV falls below the 90-day average. However, Bitcoin’s dominance is fading as Ethereum and other cryptocurrencies are gaining ground.
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