Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/179403 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
EERI Research Paper Series No. 02/2017
Verlag: 
Economics and Econometrics Research Institute (EERI), Brussels
Zusammenfassung: 
This study empirically examines interdependencies between BitCoin and altcoin markets in the short- and long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative virtual currencies) and two Altcoin price indices for the period 2013-2016. Our empirical findings confirm that indeed BitCoin and Altcoin markets are interdependent. The BitCoin-Altcoin price relationship is significantly stronger in the short-run than in the long-run. We cannot fully confirm the hypothesis that the BitCoin price relationship is stronger with those Altcoins that are more similar in their price formation mechanism to BitCoin. In the long-run, macro-financial indicators determine the altcoin price formation to a greater degree than BitCoin does. The virtual currency supply is exogenous and therefore plays only a limited role in the price formation.
Schlagwörter: 
BitCoin
altcoins
virtual currencies
price formation
supply
demand
macroeconomic development
JEL: 
E31
E42
G12
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
746.13 kB





Publikationen in EconStor sind urheberrechtlich geschützt.