• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Bitcoin News / Study Reveals Bitcoin No Longer Motivates the Crypto Market
Ethereum Products Based Consensys Takes Another Hit As It Decides To Lay Off More Employees

Study Reveals Bitcoin No Longer Motivates the Crypto Market

October 15, 2019 by Tabassum Naiz

So far, the crowning cryptocurrency Bitcoin has evidently influenced the trading prices of altcoins, but as per the latest study conducted by data provider Indexica, Bitcoin is no longer a driving force in the crypto market.

The study got reported by Bloomberg media last week (on October 11, 2019), adding various comments on Bitcoin, which were pulled out from the industry leaders, including JPMorgan Chase & Co. While Bitcoin gained enormous momentum, in fact, more than doubled in the first half of 2019, its performance in the second half of 2019 isn’t entirely appealing.

What Drives Bitcoin Price Up and Down?

Typically, whenever Bitcoin (as per the historical records) surges to a new high, it showers a quick gain to other cryptocurrencies in market but according to the Indexica, the alternative data provider which has researched data from Aug 1 – Oct 1, Bitcoin is no longer influencing the price of other market players despite holding the high dominance.

An exciting part that Indexica researched was, Bitcoin’s fall in the second half of 2019 is not majorly concerned with the currency itself; instead, it was crushed by the “growing cryptocurrency ecosystem.”

They emphasized that the price movements of Bitcoin are connected with the competing digital currencies and new blockchain technologies. More so, it mentioned the partnership between Mastercard and R3 that seeks to develop a new blockchain payment system. As per Indexica, this partnership believed to be the driving force behind Bitcoin’s price movement.

How far this study believed to be true is still a matter of concern – hence, we suggest you take it with a pinch of salt. This is because; Bitcoin still holds the highest dominance and still stands as the world’s largest cryptocurrency. Having said that, the CEO of Indexica, Zak Selbert noted about “Bitcoin’s sensitivity,” adding;

Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move. Bitcoin is part of the financial landscape in a very intertwined and mature way.

At the press time, Bitcoin is valued at $8368 against USD, which is an appreciation in its value by 0.15 percent within the past 24 Hrs. Moreover, Bitcoin currently marks the dominance of 66.4 percent, holding the market capitalization of $150,574,078,255.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), Blockchain

Primary Sidebar

Recent Posts

  • New Crypto Policy: Fed Reserve Promotes Level Playing Field For Banks January 29, 2023
  • Ethereum Poised For Growth In 2023: Experts Predict March Upgrade & Q4 Hot Spots January 29, 2023
  • Polygon Network Takes Second Place In Daily Active Users, Surpasses Ethereum January 28, 2023
  • Cryptocurrency Hazards: White House Outlines Plan To Mitigate Risks In New Framework January 28, 2023
  • Cardano Wallets Grow With Over 50k Added Since Jan.1 January 28, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.