Are cryptocurrencies homogeneous?

【Author】 Bengtsson, Elias; Gustafsson, Frida

【Source】EUROPEAN FINANCIAL MANAGEMENT

【影响因子】2.295

【Abstract】This article investigates if cryptocurrencies returns' are similarly affected by a selection of demand- and supply-side determinants. Homogeneity among cryptocurrencies is tested via a least absolute shrinkage and selection operator (LASSO) model where determinants of Bitcoin returns are applied to a sample of 12 cryptocurrencies. The analysis goes beyond existing research by simultaneously covering different periods and design choices of cryptocurrencies. The results show that cryptocurrencies are heterogeneous, apart from some similarities in the impact of technical determinants and cybercrime. The cryptocurrency market displays evidence of substitution effects, and design choices related explain the impact of the determinants of return.

【Keywords】bitcoin; cryptocurrencies; decentralised virtual currencies; homogeneity; LASSO

【发表时间】

【收录时间】2022-11-01

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币