Bubbles in Ethereum

Carlos Bellón and Isabel Figuerola-Ferretti

Finance Research Letters, 2022, vol. 46, issue PB

Abstract: We apply the (Phillips et al., 2015a,b) methodology to date-stamp bubbles in the Ethereum blockchain. Our analysis of the drivers of fundamental value suggests that the explosive behavior documented in ether prices does not constitute speculative bubbles but reflects the abrupt rally of demand for the use of the Ethereum Virtual Machine tied to the development of the decentralized application (dApp) ecosystem.

Keywords: Cryptocurrency; Bubble; Ethereum; Explosiveness; Fundamentals (search for similar items in EconPapers)
JEL-codes: C58 G10 G12 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:46:y:2022:i:pb:s1544612321003871

DOI: 10.1016/j.frl.2021.102387

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