Özet:

Specifically in the last few years the world’s popularity has increased and the cryptocurrency market has become the focus of interest of both international and national literature. Cryptocurrencies offer the possibility to make international payments instantly, high and easily through their currencies. The aim of this research is to determine whether there is a short-term and long-term relationship between Bitcoin, Ethereum and Ripple, cryptocurrencies. It has been tried to find out whether Cryptocurrencies affect each other within themselves. The study used the closing prices of Bitcoin, Ethereum and Ripple cryptocurrencies between 01.01.2018 and 31.12.2018. While Bitcoin is determined as dependent variable, Ethereum and Ripple are determined as independent variables. The data within the selected time range is created a time series by processing the data daily. Before the data of the three chosen cryptocurrencies, the unit root test was applied. The series became stable in the first degree differences. Then the model was found with a delay length of eight and the Johansen Integration test was done. The relationship between the vector error correction model and cryptocurrencies was also detailed and the short-term relationship between Bitcoin, Ethereum and Ripple cryptocurrencies was found.