Herding behavior in cryptocurrency market before and during COVID-19

• Autores: Robiyanto Robiyanto, Kezia Viona Sugiyanto
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 71, Nº. 1, 2026, págs. 1-20
• Idioma: español
• Títulos paralelos:
  • Comportamiento gregario en el mercado de criptomonedas antes y durante la COVID-19
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    This research was conducted to investigate herding behavior in the cryptocurrency market before and during the Covid-19 pandemic. This study used secondary data in the form of monthly price movements of five cryptocurrencies with the largest capitalization values; Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Tether (USDT), and Binance Coin (BNB), as well as cryptocurrency hedge funds data between January 2013 -December 2022. The data was then analyzed using the Cross-Sectional Absolute Deviation (CSAD) formula to find potential herding behavior. The results of this study indicate that there was no herding behaviorin the cryptocurrency market either before or during the Covid-19 pandemic; investors tended to be rational in carrying out investment actions and not imitate or be influenced by the actions of other investors, and they paid attention to fundamental and technical information before making investment decisions

  • English

    Esta investigación se realizó para investigar el comportamiento gregario en el mercado de criptomonedas antes y durante la pandemia de Covid-19. Este estudio utilizó datos secundarios en forma de movimientos mensuales de precios de cinco criptomonedas con los valores de capitalización más altos: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Tether (USDT) y Binance Coin (BNB), así como datos de fondos de cobertura de criptomonedas entre enero de 2013 y diciembre de 2022. Los datos se analizaron posteriormente mediante la fórmula de Desviación Absoluta Transversal (CSAD) para identificar un posible comportamiento gregario. Los resultados de este estudio indican que no hubo comportamiento gregario en el mercado de criptomonedas ni antes ni durante la pandemia de Covid-19; los inversores tendieron a ser racionales al realizar inversiones y a no imitar ni dejarse influenciar por las acciones de otros inversores, y prestaron atención a la información fundamental y técnica antes de tomar decisiones de inversión

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