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.
Demand and supply are two basic factors that are responsible for the changing value of any asset of the world but if we talk about bitcoin particularly, there is one more factor that highly affects not only bitcoin price from time to time but the whole digital market. I am pointing towards the big investors who are also known as whales. Selling and buying on large scale highly changes the value of bitcoin.