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

  • Alex Dovbnya
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    Indexica shows that Bitcoin should be treated as just another cryptocurrency

Bitcoin Price Is Driven by Competing Altcoins and Novel Blockchain Technologies: Indexica Study
Cover image via www.123rf.com
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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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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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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