【Author】
Yousaf, Imran; Yarovaya, Larisa
【Source】FINANCE RESEARCH LETTERS
【Abstract】We examine the static and time-varying herding behavior in three cryptocurrency classes: 'con-ventional' cryptocurrencies, non-fungible tokens, and DeFi assets during the most recent cryp-tocurrency bubble of 2021. While static herding analysis failed to demonstrate any evidence of herding, the time-varying herding has been identified in conventional cryptocurrencies and DeFi assets for the short investment horizons. The herding asymmetry analysis reveals that herding is not evident in conventional cryptocurrencies and NFT during up/down market, high/low vola-tility days, and high/low trading days. We only find herding in DeFi assets during the low volatility days.
【Keywords】NFT herding; Cryptocurrencies; Non -fungible tokens; DeFi assets; Cryptocurrency bubble
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