Is Bitcoin currently overvalued?

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I had to respond to the Mainstream medias constant attack on Bitcoin. Bitcoin is a direct threat to the current monetary system as the people make their own currencies, not the banks.
http://www.marketwatch.com/story/why-bitcoin-may-be-worth-only-a-third-of-its-value-2017-09-15

See below on my explanation of Bitcoins value.

bitcoin1.jpg

It's not hard decipher the true value of any cryptocurrency any other commodity. Market cap divided by coins in circulation or in the case of commodities kilos, pounds, and ounces in existence. Many commodities are of course over-manipulated by a fake paper supply.

Is Bitcoin currently overvalued? | Ecency