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Journals / BDDK Bankacılık ve Finansal Piyasalar Dergisi / 2019 / Cilt: 13 - Sayı: 1

Investigating Price Bubbles in Cryptocurrencies

Kriptoparalarda Fiyat Balonu İncelemesi

Sefa METE
Ayben KOY
Hicabi ERSOY
Pages
105–120
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The results show that BTC is especially open to speculative movements with price bubbles formed between 2013 to 2014, 2017 to 2018 and 2019, ETH between 2013 to 2016 and 2017 to 2018, and XRP between 2014 to 2015 and 2017 to 2018.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:While blockchain systems are taking place in the financial sector with new products in various fields of use, crypto coins, one of the prominent products of this system, continue to search for their price and value.
📊
Key Findings & Data:Similar signs of price increases in crypto currencies and subsequent collapses starting from the second quarter of 2017 started to be seen again in the first quarter of 2019.
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Conclusion & Impact:The results show that BTC is especially open to speculative movements with price bubbles formed between 2013 to 2014, 2017 to 2018 and 2019, ETH between 2013 to 2016 and 2017 to 2018, and XRP between 2014 to 2015 and 2017 to 2018.
🔬Design:Research Article
📍Scope:2017 Verileri
⚙️Variables:Domain Parameters

Abstract

While blockchain systems are taking place in the financial sector with new products in various fields of use, crypto coins, one of the prominent products of this system, continue to search for their price and value. Similar signs of price increases in crypto currencies and subsequent collapses starting from the second quarter of 2017 started to be seen again in the first quarter of 2019. The existence of speculative bubbles in Bitcoin (BTC) which is the first crypto currency (coin) of the crypto currency market, and the bubbles in the Ethereum (ETH) and Ripple (XRP) which are the currencies having highest volume of transactions folowing BTC, are tested by Sup Augmented Dickey Fuller (SADF) and Generalized Sup Augmented Dickey Fuller (GSADF) methodologies. The results show that BTC is especially open to speculative movements with price bubbles formed between 2013 to 2014, 2017 to 2018 and 2019, ETH between 2013 to 2016 and 2017 to 2018, and XRP between 2014 to 2015 and 2017 to 2018.

Özet

Blokzincir sistemleri finans sektöründe çeşitli kullanım alanlarında yenileşen ürünlerle yer edinirken bu sistemin öne çıkan ürünlerinden kripto paralar fiyat ve değer arayışına devam etmektedir. 2017’nin ikinci çeyreğinden itibaren kripto paralarda yaşanan fiyat artışları ve devamında yaşanan çöküşlerin benzeri sinyaller, 2019 yılının ilk çeyreğinde tekrar görülmeye başlamıştır. Bu çalışmada kripto para piyasasının ilk kripto parası (coini) olan ve pazarda büyük işlem hacmine sahip olan bitcoin (BTC) ve işlem hacmi ile BTC’yi takip eden ethereum (ETH) ve ripple (XRP) kripto para birimlerinde spekülatif balonların varlığı Sup Augmented Dickey Fuller (SADF) ve Genelleştirilmiş Sup Augmented Dickey Fuller (GSADF) yöntemleri ile test edilmiştir. Sonuçlar, BTC’nin özellikle 2013- 2014, 2017-2018 ve 2019, ETH’un 2013-2016 ve 2017-2018, ve XRP’nin 2014- 2015 ve 2017-2018 yılları arasında oluşan fiyat balonları ile spekülatif hareketlere açık olduğunu göstermektedir.

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Cite This Article

METE, S., KOY, A., ERSOY, H. (2019). Investigating Price Bubbles in Cryptocurrencies. BDDK Bankacılık ve Finansal Piyasalar Dergisi, Cilt: 13 - Sayı: 1, 105–120. https://ajindex.com/articles/142012

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