Fıyatlar ve hacımler arası ve ıçı dınamıkler: COVID-19 öncesı ve sonrası dönemde Bitcoin ve Ethereum

Abstract

Bitcoin and Ethereum are the top two cryptocurrencies in the first and the second places respectively. This study looks to examine the inter and intra dynamics and relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV). This study utilizes the Johansen Cointegration Test as well as the Vector Error Correction Model (VECM) to determine the long-run relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV) before and during the COVID-19 pandemic and to determine whether the pandemic has any effect on the changes in prices and volumes of these cryptocurrencies. The study also utilizes daily data extracted from coinmarketcap.com for Bitcoin price and volume as well as for Ethereum price and volume from August 8, 2015 up to February 28, 2021 extracted on March 1, 2021. We find that the COVID-19 pandemic has no effect on the long run relationship between Bitcoin price (BTCP), Ethereum price (ETHP), Bitcoin volume (BTCV) and Ethereum volume (ETHV) for all the specifications. We also find that the pandemic has no effect on the prices of Bitcoin and Ethereum but has an effect on their trading volumes in the short run. We find that the price of Bitcoin is positively related with the Bitcoin trading volume and positively related with the trading volume of Ethereum whereas the Ethereum price is negatively related with the Bitcoin trading volume and positively related with the trading volume of Ethereum. We also find that the price of Bitcoin is positively related with the trading volume of Bitcoin and negatively related with the trading volume of Ethereum. On the other hand, the price of Ethereum is positively related with trading volume of Bitcoin and positively related with the trading volume of Ethereum.