Cryptocurrency Market Dynamics: The Effect Of Bitcoin, Gold, Crude Oil, And IHSG Prices On Crypto Tokens And Altcoins
DOI:
https://doi.org/10.61942/oikonomia.v3i2.583Keywords:
Cryptocurrency, Bitcoin, Gold Price, Crude Oil Price, AltcoinsAbstract
In recent years, crypto assets have grown rapidly and become increasingly well-known. Some view them as promising investment opportunities, while others consider them high-risk due to their sharp fluctuations. This situation prompted researchers to examine factors that could potentially influence cryptocurrency price movements, particularly macroeconomic variables often associated with changes in global financial market conditions. This study used monthly data from 2020-2024, covering the prices of Bitcoin, Gold, Crude Oil, the Jakarta Composite Index (JCI), as well as the price movements of Crypto Tokens and Altcoins. The analytical method used was multiple linear regression with purposive sampling. The results showed that the price of Bitcoin had a positive and significant effect on the prices of Crypto Tokens and Altcoins. Meanwhile, the price of Gold, Crude Oil, and the JCI did not have a significant impact. This finding confirms that changes in crypto asset prices are driven more by internal market mechanisms, such as supply and demand, than by macroeconomic indicators
References
Ahmed, M. Y., Sarkodie, S. A., & Leirvik, T. (2023). Mutual coupling between stock market and cryptocurrencies. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16179
Fadhilah, A., Susanti, R., Manajemen, F., Ekonomi, D., Bisnis, S., Riyadi, K., & Surakarta, I. (2025). Pengaruh Harga Cryptocurrency dan Komoditas Terhadap Indeks Harga Saham Gabungan (IHSG) Periode 2020-2024. 3(1), 1041–1059. https://doi.org/10.62710/xg5xjs58
Hertanto, R., Muchtar, M., & Sihombing, P. R. (2024). Dinamika Pasar Cryptocurrency: Pengaruh Harga Bitcoin, Emas, Minyak Mentah, Dan IHSG Terhadap Ethereum Dan Binance Coin. Journal of Law, Administration, and Social Science, 4(3), 430–440. https://doi.org/10.54957/jolas.v4i3.701
Hesti Ning Tyas, Wulandari, A. D., & Pandin, M. Y. R. (2025). Analisis Sentimen Pasar Dan Dampaknya Terhadap Harga Cryptocurrency Dalam Investasi Spekulatif. Jurnal Review Pendidikan Dan Pengajaran, 8(1), 3215–3221. https://doi.org/10.31004/jrpp.v8i1.36848
Lestari, A. E., Indriani, E., & Kartikasari, N. (2022). Pengaruh Literasi Keuangan, Return, Persepsi Risiko, Gender Dan Kemajuan Teknologi Terhadap Minat Investasi Mahasiswa. Jurnal Riset Mahasiswa Akuntansi, 2(4), 726–738. https://doi.org/10.29303/risma.v2i4.238
Pramesthi, A. A., Hutajulu, D. L., Putri, N. Z., & Kartiasih, F. (2024). Analisis Pengaruh Harga Minyak Mentah dan Nilai Tukar terhadap Indeks Harga Saham Gabungan (IHSG) di Indonesia. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (JEBMA), 4(1), 257–269. https://doi.org/10.47709/jebma.v4i1.3451
Book
Sugiyono. (2017). Metode Penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Sugiyono. (2019). Metode Penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.
Sugiyono. (2020). Metode Penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Tri Ayu Lestari, Euis Mufahamah, Hiro Sejati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
