Financial Bubbles in Bitcoin and Altcoin Cryptocurrency Markets

Yıl 2021, Cilt: 13 Sayı: 24, 165 - 180, 10.05.2021

Mehmet Fatih Buğan

https://doi.org/10.20990/kilisiibfakademik.880126

Cited By: 7

Öz

Purpose: This research aims to investigate the existence of financial bubbles in the Bitcoin and altcoin cryptocurrency markets.
Design/Methodology: The study uses the data of Bitcoin and the first five cryptocurrencies which come after Bitcoin in terms of their market capitalization (Ethereum, Litecoin, Chainlink, Ripple, and Cardano). The GSADF test is used to detect financial bubbles in the cryptocurrency market.
Findings: Financial bubbles were detected in Bitcoin and altcoins according to the findings of the study. While the bubbles detected for Bitcoin, Ethereum, Ripple, and Chainlink are statistically significant, the financial bubbles detected for Litecoin and Cardano are not statistically significant.
Limitations: In the study the altcoin cryptocurrency market is represented by the data of the top five cryptocurrencies in terms of their market capitalization. As per more than four thousand altcoins traded in various exchanges at the beginning of 2021, the data set of 5 altcoins used in the study could be considered as the limitation of the study.
Originality/Value: The study provides important findings for researchers, policymakers, professionals, and investors. The usage of the most current data set in the study has made it possible to identify the existence of financial bubbles at the end of 2020. Therefore, the study is expected to contribute to the relevant literature.

Anahtar Kelimeler

Bitcoin, Altcoins, Cryptocurrency Markets, Financial Bubbles

Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar

Öz

Amaç: Bu araştırmanın amacı, Bitcoin ve altcoin kripto para piyasalarında finansal balonların varlığını araştırmaktır.
Tasarım/Yöntem: Çalışmada, Bitcoin ve piyasa değeri açısından Bitcoin’den sonra gelen ilk beş kripto para birimine (Ethereum, Litecoin, Chainlink, Ripple ve Cardano) ait veriler kullanılmıştır. Kripto para piyasasında finansal balonların tespitinde GSADF testi kullanılmıştır.
Bulgular: Çalışma sonucunda Bitcoin ve altcoinlerde finansal balonlar tespit edilmiştir. Bitcoin, Ethereum, Ripple ve Chainlink için tespit edilen balonlar istatistiksel olarak anlamlı iken Litecoin ve Cardano için tespit edilen finansal balonlar istatistiksel olarak anlamlı değildir.
Sınırlılıklar: Çalışmada altcoin kripto para piyasasını temsilen piyasa değeri bakımından ilk beş kripto para birimine ait veriler kullanılmıştır. 2021 yılı başında çeşitli borsalarda işlem gören dört binden fazla altcoin olduğu göz önünde bulundurulduğunda çalışmanın veri setinin çalışmanın kısıtını oluşturduğu söylenebilir.
Özgünlük/Değer: Çalışmadan elde edilen bulgular, araştırmacılar, politika yapıcılar, profesyoneller ve yatırımcılar açısından önem arz etmektedir. Çalışmada kullanılan veri setinin güncel olması 2020 yılı sonunda gerçekleşen finansal balonların tespitini olanaklı kılmıştır. Bu nedenle de çalışmanın ilgili literatüre katkı sağlaması beklenmektedir.

Anahtar Kelimeler

Bitcoin, Altcoin, Kripto Para Piyasası, Finansal Balonlar

Kaynakça

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