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3. FACTORS AFFECTING BITCOIN PRICE IN THE CRYPTOCURRENCY MARKET: AN EMPIRICAL STUDY.

Author

Nguyen, Tram, de Bodisco, Christopher, and Thaver, Ranjini

Subjects
BITCOIN, CRYPTOCURRENCIES, PAYMENT systems, ECONOMIC opportunities, EMPIRICAL research
Abstract

This study examines the relationships between Bitcoin and some major cryptocurrencies to better understand the effects of different market factors on their price formation. Our results show that Bitcoin's price is driven by both transactional demand, such as supply of Bitcoin or size of the Bitcoin economy, and speculative demand, namely media attention or price of another cryptocurrency. Bitcoin's dominant player role may be jeopardized in the decentralized payment system market. In addition, since late December 2017, speculation for Bitcoin has been decreasing. This can open an opportunity for Bitcoin's transactional demand to grow faster. [ABSTRACT FROM AUTHOR]

Published
2018

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