Determinants of Cryptocurrency Market: An Analysis for Bitcoin, Ethereum and Ripple
Asena Deniz, Dilek Teker

Abstract
One of the most important innovations brought by digitalization is crypto money known as virtual money. Cryptocurrencies, which have been discussed in recent years and especially a new portfolio for investors, are very popular. Bitcoin is the most well-known of these cryptographic systems, which do not depend on a central authority and have maximum reliability. The effects of various financial indicators on cryptoparas were examined in this study. The model includes a daily database in between April 3, 2018 to December 31, 2019. Initially stationarity is tested with unit root tests. Then cointegration and causality tests are employed. Impulse response is also implemented and analysed.

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