Time Series Analysis of Bitcoin and Major Cryptocurrencies Prices

The popularity of the blockchain has significantly increased thanks to Bitcoin. In addition to this, many cryptocurrencies that use blockchain technologies are derived after discovering Bitcoin. The merger of the two information areas in which cryptocurrency lies, technology and economics, helps policy makers to glimpse models that can solve problems facing society, such as inflation, economic cycles, unreliable financial institutions and the lack of universal financial services. On the one hand, it is built on a brand-new technology whose full potential has yet to be realised. On the other hand, it performs similar services to other, more traditional assets, at least in its current form. The development of theoretical models of cryptocurrencies has received a lot of academic attention. Many elements that have a potential impact on cryptocurrencies' pricing are discussed in the theoretical literature. This study aimed to investigate the price relationship between Bitcoin and major cryptocurrencies. The cryptocurrencies with a market value of over $100m between 01/01/2018 and 12/05/2021 have been selected for this research. Time series analysis has been done to investigate the price relationship between cryptocurrencies. The result of the study pointed out that major cryptocurrencies' prices are linked to Bitcoin prices.