| Abstract [eng] |
SUMMARY 77 pages, 30 charts, 12 pictures, 72 references. The aim of this master's thesis is to identify the factors influencing cryptocurrency price fluctuations and to assess the nature of this influence. The work consists of four main parts: analysis of scientific literature, research methodology and results of empirical research, as well as conclusions and recommendations. An analysis of the literature has revealed that fluctuations in the value of cryptocurrencies that are not typical of traditional currencies can be caused by other factors that affect cryptocurrency prices. According to the works of various authors, fluctuations in cryptocurrency prices can be influenced by internal as well as cryptocurrency market factors. In addition, the price of cryptovalites may be affected by its popularity among consumers, the situation in other markets, as well as various political and economic events. Four cryptocurrencies were selected for the study methodology: Bitcoin, Ethereum, Litecoin, and Tether. Factors whose impact on selected currencies were also identified. Correlation and regression analysis methods as well as the Granger causality test were used for the study. The Granger test showed that in many cases, especially in the cryptocurrency of Bitkoin and Litecoin, it is not the selected factors that affect the prices of the respective cryptocurrency, but the price of the cryptocurrencies influences the selected factors. The prices of the Bitcoin and Litecoin cryptocurrencies used in the study are influenced by factors such as system complexity, hash rate, and number of transactions. In the case of Ethereum, it was found that there is a two-way influence between the price of this cryptocurrency and its internal factors such as system complexity and hash rate. |
