Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F49777513%3A23510%2F18%3A43950365" target="_blank" >RIV/49777513:23510/18:43950365 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1016/j.intfin.2017.11.001" target="_blank" >http://dx.doi.org/10.1016/j.intfin.2017.11.001</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.intfin.2017.11.001" target="_blank" >10.1016/j.intfin.2017.11.001</a>
Alternative languages
Result language
angličtina
Original language name
Virtual relationships: Short- and long-run evidence from BitCoin and altcoin markets
Original language description
This paper empirically examines interdependencies between BitCoin and altcoin markets in the short- and long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative virtual currencies) and two altcoin price indices for the period 2013–2016. Our empirical findings confirm that indeed BitCoin and altcoin markets are interdependent. The BitCoin-altcoin price relationship is significantly stronger in the short-run than in the long-run. We cannot fully confirm the hypothesis that the BitCoin price relationship is stronger with those altcoins that are more similar in their price formation mechanism to BitCoin. In the long-run, macro-financial indicators determine the altcoin price formation to a slightly greater degree than BitCoin does. The virtual currency supply is exogenous and therefore plays only a limited role in the price formation.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Journal of International Financial Markets, Institutions and Money
ISSN
1042-4431
e-ISSN
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Volume of the periodical
52
Issue of the periodical within the volume
Neuveden
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
23
Pages from-to
173-195
UT code for WoS article
000418493800011
EID of the result in the Scopus database
2-s2.0-85036634096