Bitcoin, the largest cryptocurrency in terms of market value, will lose more than 35% of its highest price in 2019 by Tuesday, as the drivin...
While other market watchers, for some disappointing reason, such as the new futures contracts of International Exchange Inc. (ICE) The accumulation of technical downtrends and other windbreaks has been described as bitcoin frustrating in 2019, with alternative data provider Indexica pointing to another downtrend driver.
Zack Cebert, CEO of Indexica, describes Bitcoin's sensitivity to competitors' development as "just another sign of maturity," Bloomberg quoted him as saying. In a new development, Indexica finds that the strongest predictor of Bitcoin is its "quotability", which indicates that it is often talked about in more traditional currencies.
The position of bitcoin in the financial outlook
The latest findings, based on data from August 1 to October 1, support the notion that bitcoin's problems are more related to the expansion of the cryptocurrency ecosystem than the coin itself, according to Bloomberg. Indexica addresses specific issues such as the announcement of a partnership with Mastercard Inc. (MA) with R3 Enterprise Software Provider to create a blockchain solution for cross-border payments.
"Now that Bitcoin is a big kid, anything can move it, just like anything that can move gold or the G-10 currency," Selbert said. "Bitcoin is part of the financial landscape in a very intertwined and mature way.
While Bitcoin accounts for the majority of the world's cryptocurrency assets in terms of market value, it is not the most widely used cryptocurrency, according to another Bloomberg report. According to CoinMarketCap.com, Tether has the largest daily and monthly trading volume of digital coins, although its market value is almost 30 times lower.
