Research Article

The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price

Volume: 33 Number: 63 January 31, 2025
TR EN

The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price

Abstract

This research aims to forecast the price of Bitcoin by identifying the factors that influence its price movements. The study combines 396 variables, categorised into data concerning the cryptocurrency ecosystem and data about significant global indices. The analysis utilises a dataset spanning 90 days from October 2022 to December 2022. The dataset is divided into 85% for training and 15% for testing. Among the 18 machine learning methods, the model demonstrating the highest accuracy is selected. The findings show the solid overall performance of the model, as indicated by an R2 score of 0.909.

Keywords

Supporting Institution

Bu çalışma için herhangi bir kurumdan destek alınmamıştır.

Ethical Statement

Çalışmamızda bilimsel etik kurallarına uyulduğunu beyan eder, etik kurul izni alınması gerektiren herhangi bir veri içermediğini teyit ederim.

Thanks

Bu çalışma için herhangi bir teşekkür açıklaması yoktur.

References

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  2. Aggarwal, A. et al. (2019), “Deep Learning Approach to Determine the Impact of Socio Economic Factors on Bitcoin Price Prediction”, 2019 12th International Conference on Contemporary Computing, IC3 2019.
  3. Aghashahi, M. & S. Bamdad (2022), “Analysis of different artificial neural networks for Bitcoin price prediction”, International Journal of Management Science and Engineering Management, 18(2), 126-133.
  4. Akinduko, A.A. & A.N. Gorban (2014), “Multiscale principal component analysis”, Journal of Physics: Conference Series, 490, 012081.
  5. American Institute of Certified Public Accountants (n.d.), Audit guide : analytical procedures, , 08.03.2023.
  6. Andrean, G. (2020), “Determinant of the Bitcoin Prices as Alternative Investment in Indonesia”, Indicators - Journal of Economic and Business, 1(1), 22-29.
  7. Aung, S.S. et al. (2018), “A high-performance classifier from k-dimensional tree-based Dual-kNN”, IEIE Transactions on Smart Processing and Computing, 7(3), 184-194.
  8. Azari, A. (2019), Bitcoin Price Prediction: An ARIMA Approach, , 08.03.2023.

Details

Primary Language

English

Subjects

Financial Economy

Journal Section

Research Article

Early Pub Date

January 1, 2025

Publication Date

January 31, 2025

Submission Date

March 30, 2024

Acceptance Date

November 30, 2024

Published in Issue

Year 2025 Volume: 33 Number: 63

APA
Akusta, A., & Salur, M. N. (2025). The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price. Sosyoekonomi, 33(63), 115-142. https://doi.org/10.17233/sosyoekonomi.2025.01.06
AMA
1.Akusta A, Salur MN. The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price. Sosyoekonomi. 2025;33(63):115-142. doi:10.17233/sosyoekonomi.2025.01.06
Chicago
Akusta, Ahmet, and Mehmet Nuri Salur. 2025. “The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price”. Sosyoekonomi 33 (63): 115-42. https://doi.org/10.17233/sosyoekonomi.2025.01.06.
EndNote
Akusta A, Salur MN (January 1, 2025) The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price. Sosyoekonomi 33 63 115–142.
IEEE
[1]A. Akusta and M. N. Salur, “The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price”, Sosyoekonomi, vol. 33, no. 63, pp. 115–142, Jan. 2025, doi: 10.17233/sosyoekonomi.2025.01.06.
ISNAD
Akusta, Ahmet - Salur, Mehmet Nuri. “The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price”. Sosyoekonomi 33/63 (January 1, 2025): 115-142. https://doi.org/10.17233/sosyoekonomi.2025.01.06.
JAMA
1.Akusta A, Salur MN. The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price. Sosyoekonomi. 2025;33:115–142.
MLA
Akusta, Ahmet, and Mehmet Nuri Salur. “The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price”. Sosyoekonomi, vol. 33, no. 63, Jan. 2025, pp. 115-42, doi:10.17233/sosyoekonomi.2025.01.06.
Vancouver
1.Ahmet Akusta, Mehmet Nuri Salur. The Effect of Cryptocurrency Ecosystem and Global Indicators on Bitcoin Price. Sosyoekonomi. 2025 Jan. 1;33(63):115-42. doi:10.17233/sosyoekonomi.2025.01.06