| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16908 |
| DP16908 Was the ICO Boom just a Sideshow of the Bitcoin and Ether Momentum? | |
| Franklin Allen; Antonio Fatas; Beatrice Weder di Mauro | |
| 发表日期 | 2022-01-16 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We investigate whether the market for ICOs in 2017-2018 showed signs of contagion from prices of the largest cryptocurrencies (Bitcoin and Ether). We find evidence that 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 show that the same dynamics were present in 2021 when Bitcoin and Ether went through a similar episode. 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. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp16908 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545839 |
| 推荐引用方式 GB/T 7714 | Franklin Allen,Antonio Fatas,Beatrice Weder di Mauro. DP16908 Was the ICO Boom just a Sideshow of the Bitcoin and Ether Momentum?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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