Further Unravelling Cryptocurrency Behaviour

Cristina Palma – Polytechnic Institute of Setúbal, School of Business and Administration, Setúbal, Portugal

Rui Dias – ISG – Business & Economics School, CIGEST, Lisbon, Portugal; ESCAD – Polytechnic Institute of Lusophony, Lisbon, Portugal

Rosa Galvão – Polytechnic Institute of Setúbal, School of Business and Administration, Setúbal, Portugal

Paulo Alexandre – Polytechnic Institute of Setúbal, School of Business and Administration, Setúbal, Portugal

Sidalina Gonçalves – Polytechnic Institute of Setúbal, School of Business and Administration, Setúbal, Portugal

Abstract: The primary purpose of this study is to compare the levels of effi­ciency between the Islamic cryptocurrency (HelloGold), the ecological cryp­tocurrencies Cardano (ADA) and Stellar (XLM) and the traditional digital currencies Bitcoin (BTC) and Ethereum (ETH) over the period from 24 Feb­ruary 2022 to 28 January 2024. Analysing the DFA exponents reveals differ­ent types of memory in the digital currencies time series. The Islamic digi­tal currency HelloGold (HGT) exhibits short-term memory, suggesting prof­it opportunities based on recent trends. In contrast, the green cryptocur­rency Cardano (ADA) shows long-term memory, indicating the influence of long-term events and trends on prices. The digital currency Stellar (XLM) does not show a clear short-term or long-term memory trend, making it dif­ficult to predict future movements. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) exhibit long-term memory, suggesting that their prices are affected by long-term trends. These results have important implications for investors and traders when adjusting their trading strategies according to the behav­iour observed in cryptocurrency prices.

8th International Scientific Conference – EMAN 2024 – Economics and Management: How to Cope With Disrupted Times, Rome, Italy, March 21, 2024, SELECTED PAPERS, published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-84-4, ISSN 2683-4510, DOI: https://doi.org/10.31410/EMAN.S.P.2024

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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Selected Papers

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