Abstract:

Altcoins (alternative crypto currencies), which emerged as a result of the popularity of Bitcoin and Bitcoin, which are expressed as digital (crypto) currencies, have been developed as an alternative to traditional currencies. Altcoins derived as substitutes exist in the market for some features that cannot be offered by Bitcoin. Today, the number of digital currencies is over 2000. No competitive digital currency has reached the size of Bitcoin. Since the price fluctuations in the digital currency market are very high, they are risky investment tools, but they are the center of attention of investors due to their advantages such as high earnings. For this reason, those who invest in the digital market closely follow the relationship between Bitcoin and leading Altcoins. The purpose of this study is to analyze the relationships between Bitcoin and Altcoins, which are among the top 10 according to market sizes and can reach the data period. For this purpose, the daily closing prices in dollar terms of Ethereum, Tether, Ripple, Litecoin, Cardano, Polkadot, Bitcoin Cash, Stellar and Chainlink were used within the scope of the study. The relationship between cryptocurrencies has been analyzed with the Granger Causality Test.

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