Determining the price relationships of basic cryptocurrencies by econometric analysis methods

With the changing and developing world order. it is seen that innovative financial instruments have become interesting for investors in technological developments related to finance and financial systems. Along with the changing order, the most interesting aspect of the developments in the financial system today has been virtual currencies. In the financial system, the first crypto, that is, virtual money, which emerged from the infrastructure of the technology consisting of new generation coding and software called Blockchain, is known as Bitcoin. Bitcoin is one of the virtual currencies called crypto money, which has the potential to be an investment tool without being dependent on a central authority and has cryptographic features. Being a crypto currency with high volatility, the factors affecting its price can be explained by supply and demand, without being tied to any central authority. In the changing world order, as in many sectors, changes are seen in financial instruments and markets. The development of technological infrastructures has allowed the concept of money to be updated physically and nominally from past to present. In this study, an introduction has been made by giving information about money and monetary concepts and the place of cryptocurrencies today is mentioned. For the purpose of the study, econometric analyzes for Bitcoin and cryptocurrencies, which are in the top 10 according to their market size and whose data periods can be accessed, are included. In the study, firstly, the stationarities of the variables were determined by ADF and Philips Perron unit root test. Then, the interactions of the variables used in the study with each other were investigated with Granger causality analyzes. As a result of the study, positive relationships were determined between BITCOIN and other selected basic cryptocurrencies at certain confidence intervals.