Analyzing the Primary Value Drivers of Cryptocurrencies

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About the report

To gain a deeper understanding of the primary value drivers of leading cryptocurrencies, Iconic Funds and Cryptology AG present a study on the 25 leading cryptocurrencies such as Bitcoin, Ethereum and XRP, and their underlying value drivers. The report conclusively shows that the value drivers of the many different cryptocurrencies differ based on their underlying structure and use of a blockchain. It is hypothesized that the price of each category of cryptocurrencies is driven by a different set of attributes. Data was sourced from Santiment, Quandl.com and Etherscan.io and grouped into the following clusters: Financial, Development, Social, Usage, Network.  The analysis showed that different categories of coins are indeed driven by separate fundamentals.

The report is written by Philipp Rosenbach and Robert Richter, a research fellow at Frankfurt School Blockchain Center. Research partners include Enigma Securities and BTC-Echo.

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