Factors That Influence the Price of Bitcoin

A cryptocurrency is a form of decentralised digital money that does not rely on the verification services given by traditional financial institutions to verify monetary transfers. Traditional financial institutions provide verification services to ensure the legitimacy of monetary transactions. Because of this, cryptocurrencies are able to function independently of the verification services provided by conventional financial institutions. In the past, people of the community were looked down upon for entertaining the possibility of utilising cryptocurrencies as a legitimate method of conducting financial transactions. This was because of the stigma that surrounded cryptocurrencies at the time. This was because a lot of people had the misconception that cryptocurrencies did not provide sufficient protection to be used for dealings of this kind. The goal of this research is to determine whether or if there are discernible differences that can be found between the market capitalizations of the three unique sorts of coins. Specifically, this question will be investigated in more detail. After reaching the conclusion that the dataset did not belong to a normal distribution, this target performed the Kruskal-Wallis’s test in order to further investigate the data. The findings of this study revealed that the various types of coins' market capitalizations had significantly distinct mean values, as indicated by the results of this test.