Empirical Analysis of Bitcoin and Major Cryptocurrencies Prices

Abstract

Cryptocurrency is a relatively new phenomenon that is attracting a lot of interest. On the one hand, it is built on a brand-new technology whose full potential has yet to be realised. On the other hand, it performs similar services to other, more traditional assets, at least in its current form. The development of theoretical models of cryptocurrencies has received a lot of academic attention. Many elements have been mentioned in the theoretical literature on cryptocurrencies as potentially important in cryptocurrencies' pricing. The cryptocurrencies with a market value of over $100m between 01/01/2018 and 12/05/2021 have been selected for this research. Time series analysis has been done to investigate the price relationship between cryptocurrencies. The results pointed out as major cryptocurrencies' prices are linked to Bitcoin prices.