The creation of distributed ledger technology resulted in the use of secured peer-to-peer interactions that pave way for the invention of Bitcoin and other cryptocurrencies. Since its invention, the price of Bitcoin has exhibited excessive volatility and has attracted increasing attentions. This paper considers the isolated influence of network activities (confirmed payments and users’ adoptions), mining information (network difficulty, Hashrate and transaction fees) and market factors (such as, bitcoin supply and trade volume) as key drivers of Bitcoin price. Using the vector autoregressive model (VECM), the results identified the existence of both long-term equilibrium and short-term dynamic relationship amongst the endogenous system’s variables. The cointegration relation has reversed adjustment effects on the bitcoin return. Accordingly, any deviation from the equilibrium dynamics due to perturbations of network events, market forces and mining data would be minimised. This explains why the Bitcoin price, and by implication its return, continues to experience different massive run-up, spiky protrusions, resistance, reversals, strong supports and consolidations. Based on the finding, the study recommends increased regulatory efforts to curb the excessive fluctuations in Bitcoin price in order to prevent significant loss which could discourage digital investors in the cryptocurrency markets.