What are the driving factors for crytpocurrency valuation?
Scarcity? Utility? Use? Demand? Network? or am I off base already?
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It's always depend on the use and demand of a cryptocurrency, the more useful it is for the people, the more demand and a higher price it would be. And it's one of the most important factor for a cryptocurrency that will help to everyone to choose the best crypto that we might use for investing or trading that will give us the profit that we always wanted.
I don't think people are buying crypto currencies based on usage because we never use crypto currency in our daily life we just consider crypto as an money making investment.So what make the value for the crypto is scarcity and the reputation because bitcoin price is very huge when compared to others it is due to the reputation and the limited quantity.