Bitcoin's price surge over the last year has not primarily been driven by innovations within the blockchain industry; rather, Bitcoin's own fundamentals drive the price rally, which in turn, lead to more interest in the industry said Muneeb Ali, co-counder of Stacks.
"My working theory on this is that Bitcoin actually leads the crypto industry and within Bitcoin there's this concept called Bitcoin halvening, where Bitcoin becomes more scare every four years. Whenever that happens there's some sort of market dynamics basically kick in where the price of Bitcoin appreciates," he said.