with the highest market value and volatility among crypto currencies produced by systems called block chains with special encryption mechanisms using mathematical algorithms. Over time, many virtual currencies alternative to Bitcoin started to take place also in this system. In the study, 13 top-crypto currencies which are seen as an alternative to other investment instruments lately and whose data can be accessed in the relevant period, are used. The relationship between these coins during the winning and losing periods when positive and negative shocks are experienced is examined with Hatemi-J asymmetric causality test. For this purpose, the daily closing price data of Bitcoin, Ethereum, Ripple, Bitcoin cash, Litecoin, Eos, Binance coin, Stellar, Monero, Dash, Ethereum classic, Neo and Zcash crypto currencies between 26.7.2017-27.2.2020 are used. As a result of the analysis, it is stated that people diversify their investment tools especially in the periods that earned them; it is determined that they invest in crypto currencies, which are seen as less risky in the losing periods. While the most preferred crypto money in negative shock periods are Ripple, Binance coin, Bitcoin cash and Monero, in positive shock periods, they are Bitcoin, Ripple, Binance coin, Dash and Bitcoin cash.
Primary Language | Turkish |
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Subjects | Finance |
Journal Section | Research Articles |
Authors | |
Publication Date | February 20, 2021 |
Submission Date | June 15, 2020 |
Published in Issue | Year 2021 Volume: 12 Issue: 29 |