Özet:

The aim of the study is to keep light on the critical points about the future of the market by evaluating the price movements in the cryptocurrency markets in terms of efficiency. In this scope, long memory of market effectiveness and variable variance characteristics have been tested. The relationship between market depth and volatility structure was studied using asymmetric GARCH models for 8 cryptocurrencies. Analysis findings reveal the existence of a long memory feature in cryptocurrency markets. In addition, according to the findings obtained, volatility decreases as the volume of transactions for all cryptocurrencies increases. Therefore, it is concluded that market effectiveness increases along with the market depth for all cryptocurrencies. This study contributes to literature by pointing out signals about the future of cryptocurrency markets, which is one of the most controversial topics in current financial literature.

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