A Time-series Analysis of How Google Trends Searches Affect Cryptocurrency Prices for Decentralized Finance and Non-Fungible Tokens
A Time-series Analysis of How Google Trends Searches Affect Cryptocurrency Prices for Decentralized Finance and Non-Fungible Tokens
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谷歌趋势搜索如何影响去中心化金融和不可替代代币的加密货币价格的时间序列分析
DOI：
10.1109/icdmw53433.2021.00035
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Yuta Kaneko
中科院分区：
文献类型：
--
作者：
Kaede Sano;Hiroki Sano;Shuichi Nagata;Yuta Kaneko
在区块链技术的推动下，去中心化金融（DeFi）和不可替代代币（NFT）的领域正在全球范围内扩张。尽管主要加密货币比特币和以太坊的估值可能会决定加密资产的未来，但 2020 年后加密货币市场的扩张促使 DeFi 和 NFT 品牌的山寨币出现爆炸性增长。这项研究构建了时间序列模型来研究 DeFi 和 NFT 相关的加密货币，并阐明其每周价格在一年内的波动情况。使用谷歌趋势数据，我们测量每周对加密货币市场和特定品牌加密货币的互联网搜索对每种货币价格波动的影响。结果表明，建模为外生变量的比特币价格对以太坊价格产生积极影响。平均而言，特定品牌和市场层面的谷歌搜索估计为负面，但对于 DeFi 和 NFT 品牌的山寨币而言，在统计上并不令人信服。
Boosted by blockchain technology, the sphere of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) is expanding globally. Although valuations of major cryptocurrencies Bitcoin and Ethereum likely will set the future of crypto-assets, the post-2020 expansion of cryptocurrency markets prompted explosive growth of DeFi- and NFT-branded altcoins. This study constructs time-series models to examine DeFi- and NFT-related cryptocurrencies and to clarify how their weekly prices fluctuated over a one-year period. Using Google Trends data, we measure how weekly Internet searches into crypto markets generally and specific branded cryptocurrencies affected price fluctuations for each coin. Results show that Bitcoin prices modeled as an exogenous variable have a positive effect on Ethereum prices. On average, brand-specific and market-level Google searches were estimated to be negative but not statistically convincing for DeFi- and NFT-branded altcoins.