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Bitcoin Price Is Driven by Competing Altcoins and Novel Blockchain Technologies: Indexica Study

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    Indexica shows that Bitcoin should be treated as just another cryptocurrency

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Contents

According to a study conducted by alternative data provider Indexica, Bitcoin no longer rules the roost in the cryptocurrency market despite its high dominance. 

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Bitcoin is not alone 

The BTC price endured a massive plunge to the $8,000 level after the Bakkt launch. This made many wonder whether Jeffrey Sprecher's new venture put a spanner in the works for Bitcoin bulls. 

As reported by U.Today, JPMorgan analysts suggested that Bakk's underwhelming trading volumes could have had a negative impact on the market. However, Indexica invalidates this theory by showing that Bitcoin's price woes have more to do with rivaling cryptocurrencies and innovative Blockchain technologies.

For instance, Mastercard made an announcement about its partnership with enterprise-oriented blockchain firm R3 on Sept. 11. According to the study, the talk about this tie-up made the Bitcoin price surge above the $10,400 in the following days. 

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Bitcoin Price Prints Massive Red Candle After Failing to Break Above Key Resistance Level

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The silver lining

Indexica Zak Selbert clarified that the fact that competing altcoins can influence the price of Bitcoin is not necessarily bad news for the top cryptocurrency. He told Bloomberg that the crypto king is now treated as "a big kid" whose price can be moved by anything, comparing BTC to gold and other fiat currencies. 

“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move.”   

Earlier, Indexica alleged that Bitcoin turned into a mature asset given it started to attract the attention of high-brow academics and market analysts. 

 

Can altcoins influence the price of the crypto king? Share your take in the comment section!  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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