We examine the existence and dates of pricing bubbles in Bitcoin and Ethereum, two popular
cryptocurrencies using the Phillips et al. [2011] methodology. In contrast to previous papers, we
examine the fundamental drivers of the price. Having derived ratios that are economically and
computationally sensible, we use these variables to detect and datestamp bubbles. Our conclusion
is that there are periods of clear bubble behaviour, with Bitcoin now almost certainly in a bubble
phase.
Metadata
Item Type:
Article (Published)
Refereed:
Yes
Uncontrolled Keywords:
Cryptocurrencies; Digital Assets; Bitcoin; Ethereum; bubbles