Modeling of Cryptocurrency's Market Speculative Processes

Student: Minasian Vaagn

Educational Programme: Applied Economics (Master)

Year of Graduation: 2018

In this paper we study how speculative processes on thre cryptocurrency exchange markets, namely Bitcoin, Ethereum and Ripple, affect destabilisation on this markets in terms of volatility. The main findings are as follows: 1) Price of each of these cryptocurrencies is predominately formulated on speculative trading 2) Speculative trading on Bitcoin market cause higher volatility on Ethereum and Ripple, while reverse affect was not detected 3) Extreme volatiliy of Ripple price is positively associated not only with speculative trading on Ripple market but also speculative trading on Bitcoin and Ethereum market indicating, that this cryptocurrency is most speculative among these three cryptocurrencies.

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