Price discovery of cryptocurrencies: Bitcoin and beyond
Academic research on cryptocurrencies is almost exclusively directed towards Bitcoin. We extend existing literature by performing various tests on efficiency of several cryptocurrencies and additionally link efficiency to measures of liquidity. Cryptocurrencies become less predictable / inefficient as liquidity increases.
Brauneis, A. und Mestel, R. (2018): Price discovery of cryptocurrencies: Bitcoin and beyond, in: Economics Letters, Vol. 165, pp. 58-61, doi: doi.org/10.1016/j.econlet.2018.02.001.
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