Bitcoin Market Price Analysis and an Empirical Comparison With Main Currencies, Commodities, Securities and Altcoins

dc.authorscopusid 57195478160
dc.authorscopusid 57191250534
dc.authorscopusid 57989367700
dc.contributor.author Pirgaip,B.
dc.contributor.author Dinçergök,B.
dc.contributor.author Haşlak,Ş.
dc.contributor.other Business
dc.date.accessioned 2024-07-05T15:45:27Z
dc.date.available 2024-07-05T15:45:27Z
dc.date.issued 2019
dc.department Atılım University en_US
dc.department-temp Pirgaip B., Department of Business Administration, Hacettepe University, Ankara, Turkey; Dinçergök B., Department of Business, Atilim University, Ankara, Turkey; Haşlak Ş., Graduate School of Social Sciences, Cankaya University, Ankara, Turkey en_US
dc.description.abstract The purpose of this study is to analyze Bitcoin (BTC) market prices and to answer the question of whether there is a relationship between BTC and other asset prices, where other assets include currencies, commodities, securities and altcoins. In the empirical part, we evaluate the lead-lag relationships among each type of asset. Consequently, we compare BTC with major currencies and stock exchanges of the U.S., the EU, the U.K. and Japan (USD-SPX, EUR-DAX, GBP-FTSE and JPY-NIK), with currencies and stock exchanges of the U.S., the U.K., Russia, Venezuela and China where BTC is actively traded (USD-SPX, GBP-FTSE, RUB-MOEX, VEF-IBVC and YUAN-SSCE), with major commodities (GOLD and OIL) and with major altcoins (ETH, XRP and LTC) on a daily basis for the period spanning from 2010.07 to 2018.12. We employ Johansen co-integration, Granger causality, impulse response functions and forecast error variance decomposition analyses in our study. Our results show that BTC does not have a long-run relationship with any asset type, but that it has a short-run relationship with gold and especially altcoins, which are both significant and bidirectional. While BTC and altcoins are closely interrelated with each other, BTC price variation is mostly borne by its own prices in all cases. © Springer Nature Switzerland AG 2019. en_US
dc.identifier.citationcount 6
dc.identifier.doi 10.1007/978-3-030-25275-5_8
dc.identifier.endpage 166 en_US
dc.identifier.issn 1431-1933
dc.identifier.scopus 2-s2.0-85123315089
dc.identifier.scopusquality Q4
dc.identifier.startpage 141 en_US
dc.identifier.uri https://doi.org/10.1007/978-3-030-25275-5_8
dc.identifier.uri https://hdl.handle.net/20.500.14411/3922
dc.institutionauthor Dinçergök, Burcu
dc.language.iso en en_US
dc.publisher Springer Science and Business Media Deutschland GmbH en_US
dc.relation.ispartof Contributions to Economics en_US
dc.relation.publicationcategory Kitap Bölümü - Uluslararası en_US
dc.rights info:eu-repo/semantics/closedAccess en_US
dc.scopus.citedbyCount 7
dc.subject [No Keyword Available] en_US
dc.title Bitcoin Market Price Analysis and an Empirical Comparison With Main Currencies, Commodities, Securities and Altcoins en_US
dc.type Book Part en_US
dspace.entity.type Publication
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