Oikonomia : Journal of Management Economics and Accounting
Vol. 3 No. 2 (2026): Oikonomia - February

Cryptocurrency Market Dynamics: The Effect Of Bitcoin, Gold, Crude Oil, And IHSG Prices On Crypto Tokens And Altcoins

Tri Ayu Lestari (Management Economic,Universitas Malahayati Bandar Lampung)
Euis Mufahamah (Management Economic,Universitas Malahayati Bandar Lampung)
Hiro Sejati (Management Economic,Universitas Malahayati Bandar Lampung)



Article Info

Publish Date
26 Feb 2026

Abstract

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

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Journal Info

Abbrev

oikonomia

Publisher

Subject

Economics, Econometrics & Finance

Description

Oikonomia Journal: Journal of Management Economics and Accounting publishes conceptual, review and research papers related to business and economics. Oikonomia: Journal of Management Economics and Accounting has a focus and scope that includes: Economics Management Accounting Finance Business ...