A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets

A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets

This study conducts a systematic survey on whether the pricing behavior of cryptocurrencies is predictable. Thus, the Efficient Market Hypothesis is rejected and speculation is feasible via trading. We center interest on the Rescaled Range (R/S) and Detrended Fluctuation Analysis (DFA) as well as ot...

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Bibliographic Details
Main Author: Nikolaos A. Kyriazis
Format: Article
Language:English
Published: MDPI AG 2019-04-01
Series:Journal of Risk and Financial Management
Subjects:
survey
bitcoin
cryptocurrency
efficient market hypothesis
Online Access:https://www.mdpi.com/1911-8074/12/2/67
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spelling doaj-f4a109a609d949c9bb4286e054da28972020-11-24T21:46:51ZengMDPI AGJournal of Risk and Financial Management1911-80742019-04-011226710.3390/jrfm12020067jrfm12020067A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency MarketsNikolaos A. Kyriazis0Laboratory of Economic Policy and Strategic Planning, Department of Economics, University of Thessaly, 28th October 78 Street, P.C. 38333 Volos, GreeceThis study conducts a systematic survey on whether the pricing behavior of cryptocurrencies is predictable. Thus, the Efficient Market Hypothesis is rejected and speculation is feasible via trading. We center interest on the Rescaled Range (R/S) and Detrended Fluctuation Analysis (DFA) as well as other relevant methodologies of testing long memory in returns and volatility. It is found that the majority of academic papers provides evidence for inefficiency of Bitcoin and other digital currencies of primary importance. Nevertheless, large steps towards efficiency in cryptocurrencies have been traced during the last years. This can lead to less profitable trading strategies for speculators.https://www.mdpi.com/1911-8074/12/2/67surveybitcoincryptocurrencyefficient market hypothesis
collection DOAJ
language English
format Article
sources DOAJ
author Nikolaos A. Kyriazis
spellingShingle Nikolaos A. Kyriazis
A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
Journal of Risk and Financial Management
survey
bitcoin
cryptocurrency
efficient market hypothesis
author_facet Nikolaos A. Kyriazis
author_sort Nikolaos A. Kyriazis
title A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
title_short A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
title_full A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
title_fullStr A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
title_full_unstemmed A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets
title_sort survey on efficiency and profitable trading opportunities in cryptocurrency markets
publisher MDPI AG
series Journal of Risk and Financial Management
issn 1911-8074
publishDate 2019-04-01
description This study conducts a systematic survey on whether the pricing behavior of cryptocurrencies is predictable. Thus, the Efficient Market Hypothesis is rejected and speculation is feasible via trading. We center interest on the Rescaled Range (R/S) and Detrended Fluctuation Analysis (DFA) as well as other relevant methodologies of testing long memory in returns and volatility. It is found that the majority of academic papers provides evidence for inefficiency of Bitcoin and other digital currencies of primary importance. Nevertheless, large steps towards efficiency in cryptocurrencies have been traced during the last years. This can lead to less profitable trading strategies for speculators.
topic survey
bitcoin
cryptocurrency
efficient market hypothesis
url https://www.mdpi.com/1911-8074/12/2/67
work_keys_str_mv AT nikolaosakyriazis asurveyonefficiencyandprofitabletradingopportunitiesincryptocurrencymarkets
AT nikolaosakyriazis surveyonefficiencyandprofitabletradingopportunitiesincryptocurrencymarkets
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