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Why Bitcoin's Market Power Is Fading as Crypto Ecosystem Matures
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Bitcoin, the largest cryptocurrency by market value, more than 35% off its 2019 highs through Tuesday, is losing its power as the driving force of the cryptocurrency world, as outlined in a recent Bloomberg report. According to several market experts, this is the result of a «maturing» of the digital currency «ecosystem.» Per their latest findings, Bitcoin’s price moves are being driven by competing digital currencies and new blockchain technologies.
While other market watchers have attributed Bitcoin’s rocky ride in 2019 to disappointments like the International Exchange Inc.’s (ICE) new futures contracts, an accumulation of technical bearish signals, and other headwinds, alternative data provider Indexica points to another downward
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