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The relationship between trend and volume on the bitcoin market

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dc.title The relationship between trend and volume on the bitcoin market en
dc.contributor.author Szetela, Beata
dc.contributor.author Mentel, Grzegorz
dc.contributor.author Bilan, Yuriy
dc.contributor.author Mentel, Urszula
dc.relation.ispartof Eurasian Economic Review
dc.identifier.issn 1309-422X Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2021
utb.relation.volume 11
utb.relation.issue 1
dc.citation.spage 25
dc.citation.epage 42
dc.type article
dc.language.iso en
dc.publisher Springer Science and Business Media Deutschland GmbH
dc.identifier.doi 10.1007/s40822-021-00166-5
dc.relation.uri https://link.springer.com/article/10.1007/s40822-021-00166-5#Sec2
dc.subject VECM en
dc.subject VAR en
dc.subject ADX en
dc.subject volume en
dc.subject long-run en
dc.subject bitcoin en
dc.subject cryptocurrency en
dc.description.abstract The aim of the paper is to verify the existence of short- and long-term relationships between the strength of a trend and the volume in bullish and bearish cryptocurrency markets. We applied the vector error correction model to bitcoin daily data from 14.01.2015 to 22.12.2019. Based on the prices and following Wilder’s algorithm, the average directional movement index was calculated, and upward and downward trend periods were determined. No long-term relationship was found to exist between the strength of a trend and the volume in both bearish and bullish markets. Hence, trends do not react to volume changes. However, a long-term relationship exists between volume and trend—but only for the downward trend—with an adjustment speed of 88%. In the short-term, a statistically significant but very weak dependency is revealed; hence, the conclusion that trend strength is insensitive to volume changes can be reached. © 2021, The Author(s). en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1010246
utb.identifier.obdid 43882498
utb.identifier.scopus 2-s2.0-85101754549
utb.identifier.wok 000622216700001
utb.source j-scopus
dc.date.accessioned 2021-03-23T11:20:49Z
dc.date.available 2021-03-23T11:20:49Z
dc.rights Attribution 4.0 International
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.rights.access openAccess
utb.contributor.internalauthor Bilan, Yuriy
utb.wos.affiliation [Szetela, Beata; Mentel, Grzegorz; Mentel, Urszula] Rzeszow Univ Technol, Rzeszow, Poland; [Bilan, Yuriy] Tomas Bata Univ Zlin, Fac Management & Econom, Zlin, Czech Republic
utb.scopus.affiliation Rzeszów University of Technology, Rzeszów, Poland; Faculty of Management and Economics, Tomas Bata University in Zlín, Zlín, Czech Republic
utb.identifier.jel G12
utb.identifier.jel C01
utb.identifier.jel D53
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Attribution 4.0 International Except where otherwise noted, this item's license is described as Attribution 4.0 International