نوع مقاله : مقاله علمی - پژوهشی
عنوان مقاله English
نویسندگان English
The weak form of informational efficiency in the cryptocurrency markets focused on Bitcoin, Litecoin, Ethereum and Ripple is examined by comprehensive tests that are applied in both static and dynamic methods. Our main goal is to determine whether the efficiency of cryptocurrency market varies over time, and to give an evaluation of the adaptive market hypothesis (AMH) and to compare the efficiency among cryptocurrencies. Our results show that the weak form of efficiency for Bitcoin, Ethereum, and Litecoin validated by ADF and VR tests while Ripple is inefficient based on ADF, it is efficient due to VR result. Based on the outcomes of the adjusted market inefficiency test, it is concluded that efficiency does not follow a consistent trend; instead, it fluctuates over time which are consistent with Adaptive Market Hypothesis and the concept of adaptive efficiency . Based on the number of days, crypto markets show efficient behavior, the Bitcoin is the most efficient, followed by Ethereum, while Ripple is the least efficient
کلیدواژهها English