KRİPTO PARA BİRİMLERİ ARASINDAKİ FREKANS ALANLI NEDENSELLİK İLİŞKİNİN ANALİZİ
ANALYSIS OF THE FREQUENCY DOMAIN CAUSAL RELATIONSHIPS BETWEEN CRYPTOCURRENCIES

Summary/Abstract: Aim: In this study, the causal relationships between four cryptocurrencies—Binance coin (BNB), Bitcoin cash (BCH), Stellar (XLM) and Cardano (ADA)—are examined. Method: The Breitung and Candelon (2006) frequency domain causality test is applied to examine the causal relationships between the four cryptocurrencies. The Toda and Yamamoto (1995) causality test, which is a time domain causality test, is also included in the study for comparison purposes. Findings: The Toda and Yamamoto (1995)causality test results show the bidirectional causal relationships between the prices of all the cryptocurrencies under study. The Breitung and Candelon (2006) frequency domain causality test results show no uniform / simple causal relationships between the prices of the related cryptocurrencies and that the direction, size and statistical significance of the causal relationships may change over different frequencies based on the information flow towards the market. Results: The findings provide important information for cryptocurrency market investors by showing the price movements of the cryptocurrencies, which can be used to predict the price movements of other cryptocurrencies.

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