Cryptocurrency Market Price Determinants: Analysis on Bitcoin

Ni Wayan Intan Saskara Wahyuni, Ni Luh Putu Mahyuni

Abstract


Crypto money (cryptocurrency) is a manifestation of technological development as virtual money is a phenomenon in society. The rise and fall of the cryptocurrency market price is influenced by many factors including the number of transactions, the number of blockchain users, the price of gold and the price of Brent Oil. This study aims to analyze the factors that affect the market price of cryptocurrency through analysis on Bitcoin. This type of research uses quantitative research. The data analysis used is a time series data analysis taken from January 1, 2021 to January 1, 2022 with Error Correction Model (ECM). Analysis tools used are computer program Eviews. This research fruits that the number of transactions had a positive effect on the price of Bitcoin, the number of blockchain wallet users also had a positive effect on the price of Bitcoin, the price of gold had no effect on the price of Bitcoin, the price of Brent Oil had a negative effect on the price of Bitcoin.


Keywords


market price, cryptocurrency, bitcoin

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References


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DOI: http://dx.doi.org/10.33087/ekonomis.v7i2.912

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Ekonomis: Journal of Economics and Business Published by Lembaga Penelitian dan Pengabdian kepada Masyarakat
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