Was the ICO boom just a sideshow of the Bitcoin and Ether Momentum?

Autor:	Franklin Allen, Antonio Fatas, Beatrice Weder di Mauro
Rok vydání:	2022
Předmět:	Economics and Econometrics 1502 Banking Finance and Investment 1402 Applied Economics Finance
Zdroj:	Journal of International Financial Markets, Institutions and Money. 80:101637
ISSN:	1042-4431
Popis:	We investigate whether the market for ICOs in 2017–2018 and 2021 showed signs of contagion from prices of Bitcoin and Ether. During phases of optimism, ICO daily returns display low correlations with those of Bitcoin or Ether. But when the bubble bursts, correlations jump to very high levels, signaling that the ICO market becomes a sideshow of the cryptocurrency dynamics. We demonstrate that this high correlation was not present during the Nasdaq bubble in the 1990s, signaling that the price dynamics of digital tokens seems to be driven by a common factor, much more than in previous bubbles.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0d1997d2cf0549f97ef7adbc15cb1014 https://doi.org/10.1016/j.intfin.2022.101637 Zobrazit plný text záznamu Full Text from ScienceDirect