Kripto Para Piyasasında Spekülatif Fiyat Balonlarının Analizi/ Makale Türü: Araştırma Makalesi

The controversial rise of crypto currency prices has polarized views on the role of these assets in the future of the financial system. Price bubbles, which are one of the most critical indicators of market efficiency, have structural clues about the future of the market. The aim of this study is to analyze the existence of speculative price bubbles in crypto currencies traded in crypto-exchanges around the World. For this purpose, the presence of speculative price bubbles in the most traded 8 crypto currencies in the market has been analyzed with the Sup-Augmented Dickey-Fuller test, which was verified by Monte Carlo Simulation with 1000 iterations, using data at a daily frequency. According to the findings of the analysis, there is no evidence that the price levels can be considered as speculative price bubbles. However, findings indicate the existence of non-speculative price bubbles in the market. These results are interpreted as a sign that the crypto currency prices will gradually decline instead of a sudden crash. This study contributes to the literature by addressing the nature of price bubbles in the crypto-currency markets, which is one of the most controversial issues in the current finance literature.