Bitcoin and Altcoins Price Dependency: Resilience and Portfolio Allocation in COVID-19 Outbreak
Bitcoin and Altcoins Price Dependency: Resilience and Portfolio Allocation in COVID-19 Outbreak
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DOI：
10.3390/risks9040074
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发表时间：
2021-04-01
期刊：
影响因子：
2.2
通讯作者：
Topuz, Humeyra
中科院分区：
文献类型：
--
作者：
Aysan, Ahmet Faruk;Khan, Asad Ul Islam;Topuz, Humeyra
本文的主要目的是研究在存在和不存在COVID-19大流行的情况下，加密股票市场上顶级加密货币之间的相互关系。这九种加密货币是比特币，以太坊，涟漪，莱特币，Eos，BitcoinCash，Binance，Stellar和Tron，它们的每日收盘价数据是从2017年9月13日至2020年9月21日期间的coinmarketcap中获取的。所有加密货币都集成为1阶，即，第一章（1）。有强有力的证据表明，无论是在疫情前还是疫情期间，比特币和山寨币之间都存在长期关系。我们还发现，这些加密货币的价格及其相互关系对大流行病具有弹性。建议投资者在制定投资计划和策略时，高度考虑比特币和山寨币，因为从长远来看，即使在COVID-19大流行的坚韧时期，它们也能抵御地缘政治风险，并具有可持续性和弹性。
The main aim of this article is to examine the inter-relationships among the top cryptocurrencies on the crypto stock market in the presence and absence of the COVID-19 pandemic. The nine chosen cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, Eos, BitcoinCash, Binance, Stellar, and Tron and their daily closing price data are captured from coinmarketcap over the period from 13 September 2017 to 21 September 2020. All of the cryptocurrencies are integrated of order 1 i.e., I(1). There is strong evidence of a long-run relationship between Bitcoin and altcoins irrespective of whether it is pre-pandemic or pandemic period. It has also been found that these cryptocurrencies' prices and their inter-relationship are resilient to the pandemic. It is recommended that when the investors create investment plans and strategies they may highly consider Bitcoin and altcoins jointly as they give sustainability and resilience in the long run against the geopolitical risks and even in the tough time of the COVID-19 pandemic.