Investors are beginning to have a clear understanding of Bitcoin’s primary use case: it’s digital gold, a narrative that has emerged clearly as other assets flounder. At the same time Bitcoin has plunged more than 30% since hitting a year-to-date high. That fact is clear, but explaining why the world’s largest digital currency has lost momentum in the second half of the year is anything but.

According to Indexica, an alternative data provider, Bitcoin’s fall has less to do with the currency itself and more to do with a growing cryptocurrency ecosystem.

According to their latest findings, Bitcoin’s price moves are being driven by crypto competition and new blockchain technologies. Zak Selbert, chief executive officer at Indexica, says Bitcoin’s sensitivity to the development of competitors is just another sign of a coming of age. In a new development, Indexica found that Bitcoin’s strongest predictive measure was its “quoteability,” which showed that it was most often talked about in conjunction with more traditional currencies.

The question remains, can bitcoin become a safe haven?

It’s clear that it isn’t one today, but that doesn’t mean it might not become a risk-off asset during the next downturn, or the one after that. Even Jerome Powell understands this: bitcoin is a “speculative store of value,” he has said. Its investors are speculating that it will become a store of value.

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