Dow, the man who first shorted bitcoin, for instance, even mentioned in his initial post that a person can be “simultaneously bullish on blockchain and bearish on bitcoin.” And he just announced that he’s ending his short.
We set the stage for our formal econometric analysis by providing some graphical evidence. For example, in Figure 1, we see a close mapping of the prices of Bitcoin and Ethereum with their respective computing power values. Moreover, in Figure 2, we observe an even stronger mapping of the prices of Bitcoin and Ethereum with their respective network values. Interestingly, these graphs also show that when prices significantly exceed the trend in computing power or network (as was the case in late 2017), prices eventually fall and trace the trend in fundamentals. The convergence of prices to the trend with fundamentals suggests that fundamentals are the ultimate, long-run determinants of prices.

Users should also turn on two-factor authentication if they haven’t already done so.
Through instructions in their source codes, cryptocurrencies automatically adjust to the amount of mining power working to create new blockchain copies — copies become more difficult to create as mining power increases and easier to create as mining power decreases.