Özet:

Purpose: This research aims to investigate the existence of financial bubbles in the Bitcoin and altcoin cryptocurrency markets. Design/Methodology: The study uses the data of Bitcoin and the first five cryptocurrencies which come after Bitcoin in terms of their market capitalization (Ethereum, Litecoin, Chainlink, Ripple, and Cardano). The GSADF test is used to detect financial bubbles in the cryptocurrency market. Findings: Financial bubbles were detected in Bitcoin and altcoins according to the findings of the study. While the bubbles detected for Bitcoin, Ethereum, Ripple, and Chainlink are statistically significant, the financial bubbles detected for Litecoin and Cardano are not statistically significant. Limitations: In the study the altcoin cryptocurrency market is represented by the data of the top five cryptocurrencies in terms of their market capitalization. As per more than four thousand altcoins traded in various exchanges at the beginning of 2021, the data set of 5 altcoins used in the study could be considered as the limitation of the study. Originality/Value: The study provides important findings for researchers, policymakers, professionals, and investors. The usage of the most current data set in the study has made it possible to identify the existence of financial bubbles at the end of 2020. Therefore, the study is expected to contribute to the relevant literature.

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