Abstract
Cryptocurrencies; are electronic currencies that use
cryptography in the processes of transferring money between their users and
coinage. In 2009, for the first time, Satoshi Nakamoto established the
technical infrastructure of Bitcoin and afterwards hundreds of crypto-currency
units with different features in terms of encryption algorithms, transactional
evidence and mining activity had been emerged in the market. These currencies
have also been started to be used as an investment tool in the historical
process. Nowadays, the markets that deal with these currencies have formed and
reached a market value of approximately $ 17.7 billion as of the beginning of 2017.
The market share of Bitcoin, which had more than 90% of this market value until
the beginning of 2016, decreased day by day, which made it necessary to examine
other currencies forming the market
This study was carried out to determine whether there is
a correlation between the daily price changes of the ten highest cryptographic
currencies on the market on 01.01.2017 and the price changes of the first
cryptographic currencies in terms of market value. As a result of the study, it
will be determined and interpreted whether the crypto currencies in the market
move in aggregate or discrete in terms of value exchange. Due to the surplus of
the currencies to be worked, the data are collected and analyzed for 2016
calendar year.
Keywords: Cryptocurrency, investment, analysis
JEL Classification: G11
Keywords
References
- Ametrano, Ferdinando M. "Hayek money: The cryptocurrency price stability solution." (2016).
- Bouoiyour, Jamal and Refk Selmi. "What Does Bitcoin Look Like?." Annals of Economics & Finance 16.2 (2015).
- Çetin, Ali Cüneyt. "Markowitz Kuadratik Programlama ile Optimal Portföy Seçimi." Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12.1 (2007).
- De Leo, Michael J. and William Stull, “Does the Velocity of Bitcoins Effect the Price Level of Bitcoin?”,http://www.academia.edu/8210293/Does_the_Velocity_of_Bitcoins_Effect_the_Price_Level_ of_Bitcoin (20.10.2016)
- Demirtaş, Özgür ve Zülal Güngör. "Portföy Yönetimi ve Portföy Seçimine Yönelik Uygulama." Journal of Aeronautics and Space Technologies 1.4 (2004).
- Doguet, Joshua J. “The Nature of the Form: Legal and Regulatory Issues Surrounding the Bitcoin Digital Currency System”, Louisiana Law Review, 73:4, 2012.
- Gandal, Neil and Hanna Halaburda. "Competition in the Cryptocurrency Market." (2014).
- Glaser, Florian et al., “Bitcoin-Asset or Currency? Revealing Users' Hidden Intentions.” ECIS 2014 Proceedings, 2014.
- Grinberg, Reuben. "Bitcoin: An innovative alternative digital currency." Hastings Sci. & Tech. LJ 4 (2012).
- Hanley, Brian P. "The False Premises and Promises of Bitcoin." arXiv preprint rXiv:1312.2048 (2013).
- Hayes, Adam. "Cryptocurrency Value Formation: An Empirical Analysis Leading to a Cost Of Production Model for Valuing Bitcoin." (2016).
- Hayta, Ateş Beyazıt “Bireysel Yatırımcıların Finansal Risk Algısına Etki Eden Psikolojik Önyargılar”, Türkiye Sosyal Araştırmalar Dergisi, 183, 2014.
- Keynes, John M. General Theory of Employment, Interest And Money, Atlantic Publishers & Dist.,2016.
- Kristoufek, Ladislav , ” What Are The Main Drivers of The Bitcoin Price? Evidence from Wavelet Coherence Analysis.” PloS ONE, 2015.
- Li, Xin and Chong Alex Wang. "The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin." Decision Support Systems 95 (2017).
- Markowitz, H., “Portfolio Selection”, Journal of Finance, Vol 7, 77-91,1952.
- Mitsuru, Iwamura,; Kitamura, Yukinobu; Matsumoto, Tsutomu. Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek. 2014.
- Mitsuru, Iwamura et al. "Can we stabilize the price of a Cryptocurrency?: Understanding the design of Bitcoin and its potential to compete with Central Bank money." (2014).
- Polasik, Michal et al. "Price fluctuations and the use of Bitcoin: An empirical inquiry." International Journal of Electronic Commerce 20.1 (2015).
- Van Alstyne, Marshall. "Why Bitcoin Has Value?" Communications of the ACM 57.5 (2014).
- Yermack, David. “Is Bitcoin a real currency? An economic appraisal”. No. w19747. National Bureau of Economic Research, 2013.
Abstract
Kripto para birimleri; paranın piyasaya
sürülmesi ve kullanıcıları arasındaki transfer işlemlerinde kriptografiyi
kullanan elektronik para birimleridir. 2009 yılında ilk kez Satoshi Nakamoto
tarafından teknik altyapısı kurularak piyasadaki yerini alan Bitcoin’in
ardından şifreleme algoritmaları, işlem kanıtları ve madencilik faaliyetine
konu olmaları bakımından farklı özelliklere sahip yüzlerce kripto para birimi
ortaya çıkmıştır. Bu para birimleri, tarihsel süreçte bir yatırım aracı olarak
da kullanılmaya başlanmıştır. Günümüzde, bu para birimleri ile işlem yapan
piyasalar oluşmuş ve 2017 yılı başı itibariyle toplamda yaklaşık 17,7 milyar
dolarlık piyasa değerine ulaşılmıştır. 2016 yılı başına kadar bu piyasa
değerinin %90’lık kısmından fazlasına sahip olan Bitcoin’in piyasa payı gün
geçtikçe azalmış ve bu da piyasayı oluşturan diğer para birimlerinin
incelenmesini gerekli hale getirmiştir.
Bu
çalışma 01.01.2017 tarihinde piyasada bulunan ve piyasa değeri en yüksek on
kripto para biriminin günlük fiyat değişimleri ile piyasa değeri bakımından ilk
yüzü oluşturan kripto para birimlerinin fiyat değişimleri arasında korelasyon
olup olmadığını belirlemek amacıyla yapılmıştır. Çalışma sonucunda, piyasada
bulunan kripto para birimlerinin değer değişimi açısından toplu mu yoksa ayrık
mı hareket ettiği tespit edilecek ve yorumlanacaktır. Çalışmaya konu olan para
birimlerinin fazlalığı nedeniyle veriler 2016 takvim yılı için toplanmış ve
analiz edilmiştir.
Anahtar Kelimeler: Kripto Para, Yatırım,
Analiz.
JEL Sınıflandırması: G11.
Keywords
References
- Ametrano, Ferdinando M. "Hayek money: The cryptocurrency price stability solution." (2016).
- Bouoiyour, Jamal and Refk Selmi. "What Does Bitcoin Look Like?." Annals of Economics & Finance 16.2 (2015).
- Çetin, Ali Cüneyt. "Markowitz Kuadratik Programlama ile Optimal Portföy Seçimi." Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12.1 (2007).
- De Leo, Michael J. and William Stull, “Does the Velocity of Bitcoins Effect the Price Level of Bitcoin?”,http://www.academia.edu/8210293/Does_the_Velocity_of_Bitcoins_Effect_the_Price_Level_ of_Bitcoin (20.10.2016)
- Demirtaş, Özgür ve Zülal Güngör. "Portföy Yönetimi ve Portföy Seçimine Yönelik Uygulama." Journal of Aeronautics and Space Technologies 1.4 (2004).
- Doguet, Joshua J. “The Nature of the Form: Legal and Regulatory Issues Surrounding the Bitcoin Digital Currency System”, Louisiana Law Review, 73:4, 2012.
- Gandal, Neil and Hanna Halaburda. "Competition in the Cryptocurrency Market." (2014).
- Glaser, Florian et al., “Bitcoin-Asset or Currency? Revealing Users' Hidden Intentions.” ECIS 2014 Proceedings, 2014.
- Grinberg, Reuben. "Bitcoin: An innovative alternative digital currency." Hastings Sci. & Tech. LJ 4 (2012).
- Hanley, Brian P. "The False Premises and Promises of Bitcoin." arXiv preprint rXiv:1312.2048 (2013).
- Hayes, Adam. "Cryptocurrency Value Formation: An Empirical Analysis Leading to a Cost Of Production Model for Valuing Bitcoin." (2016).
- Hayta, Ateş Beyazıt “Bireysel Yatırımcıların Finansal Risk Algısına Etki Eden Psikolojik Önyargılar”, Türkiye Sosyal Araştırmalar Dergisi, 183, 2014.
- Keynes, John M. General Theory of Employment, Interest And Money, Atlantic Publishers & Dist.,2016.
- Kristoufek, Ladislav , ” What Are The Main Drivers of The Bitcoin Price? Evidence from Wavelet Coherence Analysis.” PloS ONE, 2015.
- Li, Xin and Chong Alex Wang. "The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin." Decision Support Systems 95 (2017).
- Markowitz, H., “Portfolio Selection”, Journal of Finance, Vol 7, 77-91,1952.
- Mitsuru, Iwamura,; Kitamura, Yukinobu; Matsumoto, Tsutomu. Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek. 2014.
- Mitsuru, Iwamura et al. "Can we stabilize the price of a Cryptocurrency?: Understanding the design of Bitcoin and its potential to compete with Central Bank money." (2014).
- Polasik, Michal et al. "Price fluctuations and the use of Bitcoin: An empirical inquiry." International Journal of Electronic Commerce 20.1 (2015).
- Van Alstyne, Marshall. "Why Bitcoin Has Value?" Communications of the ACM 57.5 (2014).
- Yermack, David. “Is Bitcoin a real currency? An economic appraisal”. No. w19747. National Bureau of Economic Research, 2013.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | August 28, 2019 |
| Published in Issue | Year 2019 |