All for one, or one out of many? An analysis of cryptocurrency returns and technological differentiation
by Sarina Baldoni; Reilly S. White
International Journal of Technology Intelligence and Planning (IJTIP), Vol. 13, No. 2, 2022

Abstract: Analysing the 60 largest cryptocurrencies, we evaluate whether cryptocurrency movement can be differentiated by their underlying technological differences. We found that while substantial correlation in movement exists between the largest cryptocurrencies, investors are only beginning to understand and evaluate cryptocurrencies based on their technological characteristics. Studying both daily and monthly cryptocurrency returns, cryptocurrencies utilising decentralised application (DApp) reported higher returns, while currencies classified as coins reported lower returns. While not highly correlated to the US stock market performance, cryptocurrency returns are positively correlated with both technology and materials sectors within the US stock market. The results present a case for valuing cryptocurrencies as both a financial asset and a technological advancement.

Online publication date: Tue, 08-Nov-2022

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