1. Competition
2. Market correction etc.
Though there are many to be listed but to make it snapy this is the two I have to discuss for now.
The Competition aspect is as a result of many new coin surfacing the market which is misleeding some bitcoin investors to sell off there bitcoin and going for some social media trending shitcoin. This will reduce the numbers of investors we have in bitcoin. Although it will only dip for sometime and also pick up because the more people are leaving the more people are coming. Even the market correction and the spot ETF bitcoin which are also the elements of bitcoin increase and decrease doe not stop the growth of bitcoin. If investors pull out there money from bitcoin Investment after the approval of spot ETF, and the price didn't increase more, I believe other people would still have a good reason to invest in bitcoin and surely the price of bitcoin will rise. Even the market correction can't even slow the price of bitcoin because it is a normal thing and the price will still rise. All am saying in essence is that bitcoin price must rise no matter the circumstances. Bitcoin has come to stay
Competition?. Well from the general angle of business matters, competition plays a massive role in determining the price of goods, but looking at the massive gap in terms of price and market cap between Bitcoin and alt, can we really say that competition is a huge factor in determining price?. I think this point (competition) can be trace back to one thing, which is:
demand and supply . If you had use "demand and supply", then there should have been a better form of correlation.
From the principle of economics, when the demand is high, and the supply is low, the price tend to increase. While going the other way round would lead to a decline in price. We've seen this happen for years.
Aside demand and supply, I think
Rumors also play a significant role.
As for the underlined text above, there is a bit of misconception there as you've also stated that market correction can't slow the price. I will appreciate If you could explain better on how that point matters.
These are the few I can mention -
1. Demands and supply
2. Rumors(news)
3. Regulations ( which can also be traced back to number 1, by either increasing or decreasing it), etc.
Yes I know deman and supply is also a factor that is why I said there are many of them but I chose only few here are some others which I didn't listed for the benefit of doubt.
: political decisions can influence any country. For example like my country there is alot if restrictions in bitcoin transactions using centralized exchanges and most people who are afraid of all Cex exchange to shutdown may be afraid of where to elsel their coin, that may lead to selling of all their coin do to fear of all exchange not shutting down. Or most people may decide to to even invest due to the decition of the government concerning bitcoin in particular country. I know most countries people are afraid of investing in bitcoin because of there jurisdictions so Invariably government decition can also influence the slow growth of bitcoin.
: market sentiment falls under the category of rumours which you have already explained and it also causes slow growth of bitcoin when people believe in rumour it reduces the growth of bitcoin. Apart from this few all has been stated above which are
Regulatory body, spot bitcoin ETF, market correction and demand and supply. Inflation is also another factor.