The Ambiguous Impact of Attractiveness Variables : An Ardl Approach to Cryptocurrency Price Determinants
We explore the cryptocurrencies drivers with the ARDL model. We focus on Bitcoin, Ethereum, Litecoin and XRP. Our approach shows significant impacts of macrofinancial and technologies variables on cryptocurrencies in the long-term. Gold remains a reference for investors in case of market panic. Volatility plays a fundamental role in the evolution of cryptocurrency prices. We confirm that attractiveness is a real driver in the price evolution for small cryptocurrencies in the long term and for all cryptocurrencies in the short term. The lack of results from public interest in Bitcoin points to a less intuitive and complex price evolution process