Herd behavior in terms of social psychology: The example of crypto asset markets

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Hotar N.

International Journal of eBusiness and eGovernment Studies, cilt.12, sa.1, ss.1-12, 2020 (Scopus) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 12 Sayı: 1
  • Basım Tarihi: 2020
  • Doi Numarası: 10.34111/ijebeg.202012106
  • Dergi Adı: International Journal of eBusiness and eGovernment Studies
  • Derginin Tarandığı İndeksler: Scopus
  • Sayfa Sayıları: ss.1-12
  • Anahtar Kelimeler: Cross sectional absolute deviation (CSAD), Crypto asset, Cryptocurrency, Herd behavior, Social psychology
  • Dokuz Eylül Üniversitesi Adresli: Evet

Özet

© 2020, Social Sciences Research Society.The four main causes of sudden price fluctuations in crypto asset markets are speculative news within the scope of global developments, positive market perceptions that increase the price, rising stock market values, and herd behavioral tendencies on crypto assets. The purpose of this study is to examine herd behavior trends in terms of social psychology, exemplified by the crypto asset market. In this framework, firstly, the daily yield pricing of twenty-two crypto assets with the highest transaction volume was examined in the period of August 2013-December 2019, and then the trend of herd behavior of these assets on the market was investigated. Cross Sectional Absolute Deviation (CSAD) method was used to measure the herd behavior trend. The analysis revealed the presence of herd behavior trend in regime 1 and regime 3 models.