Testing herd behavior in crypto-asset markets

Due to tuchnology used by Bitcoin and the value it has gained, it has made significant contributions to the creation of crypto assets, an area of research that researchers have studied. With the introduction of Bitcoin in 2008, the creation of crypto assets began. The basic technology used by crypto assets is blockchain technology. It is thought that this technology will bring radical changes in Daily life and in the future. How crypto assets move has been tried to be explained with Behavioral Finance in order to comment on what they are. The field of behavioral finance dating back to the 19th century with studies conducted within the finance discipline eventually came to the fore. The field of behavioral finance provides information that investors will not always act rationally and will act under the influencer of various tendencies when making investment decisions. As a result of the study, a cross-sectional absolute deviation (CSAD) analysis was carried out to determine whether herd behavior, one of the trends in the field of behavioral finance, exists in the crypto asset market. The variables inclued in the analysis are 8 of the top 11 crypto assets, which represent 80% of the crypto assets subject to analysis in the period covering 01.01.2018 – 27.11.2023 were used. As a result of thee analysis, the ( Rm,t2) coeffient (α2), which is the basis for measuring the herd presence in the formula, was found to be greater than zero and statically significant. Therefore, it was concluded that anti-herd behavior was exhibited in the crypto asset market during the specified period.