Analisis Fundamental Cryptocurrency terhadap Fluktuasi Harga: Studi Kasus Tahun 2019-2020

https://doi.org/10.35912/jakman.v2i3.373
Published: Jun 23, 2021

Abstract:

Purpose: This study aimed to analyze cryptocurrency fundamentals against price fluctuations (case study 2019-2020).

Research Methodology: The data in the research paper were accessed on the coinmarketcap.com website. The sample of this research is Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Results: The results show that: 1) Bitcoin Market Cap, Ethereum Market Cap, Litecoin Market Cap, Bitcoin Cash Market Cap have a positive and significant effect on price fluctuations. 2) Bitcoin Volume and Bitcoin Cash Volume have a positive and insignificant effect on price fluctuations. 3) Ethereum volume has a positive and significant effect on price fluctuations. 4) Litecoin volume has a negative and significant effect on price fluctuations.

Limitations: Further researchers are expected to add variables such as (global macroeconomics, cryptocurrency Blockchain technology changes, psychological factors), different variables (quantitative and qualitative) and combine models to predict cryptocurrency price fluctuations by analyzing them fundamentally and technically.

Contribution: This research implies that cryptocurrencies with highly speculative prices have the same fundamental value as the stock price.

Keywords:
1. Cryptocurrency
2. Market Cap
3. Volume
Authors:
1 . Septiana Sihombing
2 . Muhammad Rizky Nasution
3 . Isfenti Sadalia
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How to Cite
Sihombing, S., Nasution, M. R. ., & Sadalia, I. (2021). Analisis Fundamental Cryptocurrency terhadap Fluktuasi Harga: Studi Kasus Tahun 2019-2020. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(3), 213–224. https://doi.org/10.35912/jakman.v2i3.373
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Vol. 2 No. 3 (2021): Juni
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References

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  1. Balcilar, M., Bouri, E., Gupta, R., & Roubaud, D. (2017). Can Volume Predict Bitcoin Returns And Volatility? A Quantiles-Based Approach. Economic Modelling, 64, 74–81. https://doi.org/10.1016/j.econmod.2017.03.019
  2. Bappebti. (2020). Peraturan Badan Pengawas Perdagangan Berjangka Komoditi Nomor 7 Tahun 2020. Bappebti. http://bappebti.go.id/resources/docs/peraturan/sk_kep_kepala_bappebti/sk_kep_kepala_bappebti_2020_12_01_i6tg8tfb_id.pdf
  3. Bariviera, A. F., Basgall, M. J., Hasperué, W., & Naiouf, M. (2017). Some Stylized Fact of The Bitcoin Market. Physica A: Statistical Mechanics and Its Applications, 484, 82–90. https://doi.org/10.1016/j.physa.2017.04.159
  4. Baur, D. G., Hong, K. H., & Lee, A. D. (2018). Bitcoin: Medium of Exchange or Speculative Assets?. Journal of International Financial Markets, Institutions and Money, 54, 177–189. https://doi.org/10.1016/j.intfin.2017.12.004
  5. Biczok, D. (2018). the Future of Bitcoin and the Blockchain Technology. Master’s In Banking And Finance, Universite Du Luxembourg, 47. http://investas.lu/CMS/images/PDFs/Biczok_Master_Thesis.pdf
  6. Bouoiyour, J., & Selmi, R. (2015). What Does Bitcoin Look Like?. Annals of Economics and Finance, 16(2), 449–492.
  7. Buchholz, M., Delaney, J., & Warren, J. (2012). Bits and Bets, Information, Price Volatility, and Demand for Bitcoin. Economics, 312.
  8. Ciaian, P., Rajcaniova, M., & Kancs, d’Artis. (2018). Virtual Relationships: Short- And Long-Run Evidence From Bitcoin And Altcoin Markets. Journal of International Financial Markets, Institutions and Money, 52, 173–195. https://doi.org/10.1016/j.intfin.2017.11.001
  9. Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019). Cryptocurrencies as a Financial Asset: A Systematic Analysis. International Review of Financial Analysis, 62, 182–199. https://doi.org/10.1016/j.irfa.2018.09.003
  10. Dowd, K. (2014). New Private Monies. In Institute of Economic Affairs Monographs (Issue Hobart Paper 174). https://ssrn.com/abstract=2535299
  11. Dwyer, G. P. (2015). The Economics of Bitcoin and Similar Private Digital Currencies. Journal of Financial Stability, 17, 81–91. https://doi.org/10.1016/j.jfs.2014.11.006
  12. Giudici, G., Milne, A., & Vinogradov, D. (2020). Cryptocurrencies: Market Analysis snd Perspectives. Journal of Industrial and Business Economics, 47(1). https://doi.org/10.1007/s40812-019-00138-6
  13. Glaser, F., Zimmerman, K., Haferkorn, M., Weber, M. C., & Siering, M. (2014). Bitcoin - Asset or Currency? Revealing Users’ Hidden Intentions by Florian Glaser, Kai Zimmermann, Martin Haferkorn, Moritz Christian Weber, Michael Siering?:: SSRN. 1–14. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425247
  14. Jang, H., & Lee, J. (2017). An Empirical Study on Modeling and Prediction of Bitcoin Prices with Bayesian Neural Networks Based on Blockchain Information. IEEE Access, 6(c), 5427–5437. https://doi.org/10.1109/ACCESS.2017.2779181
  15. Kristoufek, L. (2015). What Are The Main Drivers of The Bitcoin Price? Evidence From Wavelet Coherence Analysis. PLoS ONE, 10(4), 1–15. https://doi.org/10.1371/journal.pone.0123923
  16. Liu, Y., & Tsyvinski, A. (2018). Risks and Returns of Cryptocurrency. Working paper. NBER Working Paper, 24877, 1–68. http://www.nber.org/papers/w24877
  17. Moosa, I. A. (2020). The Bitcoin: A Sparkling Bubble Or Price Discovery?. Journal of Industrial and Business Economics, 47(1), 93-113.
  18. Nakamoto, S. (2017). Bitcoin?: A Peer-to Peer Electronic Cash System. Artificial Life, 23(4), 552–557. https://doi.org/10.1162/ARTL_a_00247
  19. Partida, D. (2021). How to perform crypto fundamental analysis. SwissBorg. https://swissborg.com/blog/crypto-fundamental-analysis
  20. Schut, M. (2017). Bitcoin Analysis From an Investor’s Perspective Insight into Market Relations and Diversification Possibilities. Semantic Scholar, 33.
  21. Spenkelink, H. (2014). The Adoption Process of Cryptocurrencies. Journal of Cooperative Extension, Spenkelink, H. (2014). The Adoption Process of Cryptocurrencies. Journal of Cooperative Extension,16–22. https://pdfs.semanticscholar.org/5c0d/bbf5c9aa38766d61eac90a0258b4d7d97f6f.pdf,16–22. https://pdfs.semanticscholar.org/5c0d/bbf5c9aa38766d61eac90a0258b4d7d97f6f.pdf
  22. Spurr, A., & Ausloos, M. (2020). Challenging Practical Features of Bitcoin By The Main Altcoins. Quality and Quantity. https://doi.org/10.1007/s11135-020-01062-x
  23. Vieira, P. J. M. (2017). Price Analysis of Bitcoin?: Volatility , Key Drivers and Evolution. Master Thesis in Finance, FEP, Universidade Do Porto, July.