Next Article in Journal
The Impact of Algorithmic Trading in a Simulated Asset Market
Next Article in Special Issue
Next-Day Bitcoin Price Forecast
Previous Article in Journal
What They Did Not Tell You about Algebraic (Non-) Existence, Mathematical (IR-)Regularity and (Non-) Asymptotic Properties of the Full BEKK Dynamic Conditional Covariance Model
Previous Article in Special Issue
Spillover Risks on Cryptocurrency Markets: A Look from VAR-SVAR Granger Causality and Student’s-t Copulas
Article Menu
Issue 2 (June) cover image

Export Article

Open AccessReview

A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets

Laboratory of Economic Policy and Strategic Planning, Department of Economics, University of Thessaly, 28th October 78 Street, P.C. 38333 Volos, Greece
J. Risk Financial Manag. 2019, 12(2), 67;
Received: 2 April 2019 / Revised: 14 April 2019 / Accepted: 15 April 2019 / Published: 18 April 2019
(This article belongs to the Special Issue Blockchain and Cryptocurrencies)
PDF [367 KB, uploaded 6 May 2019]


This study conducts a systematic survey on whether the pricing behavior of cryptocurrencies is predictable. Thus, the Efficient Market Hypothesis is rejected and speculation is feasible via trading. We center interest on the Rescaled Range (R/S) and Detrended Fluctuation Analysis (DFA) as well as other relevant methodologies of testing long memory in returns and volatility. It is found that the majority of academic papers provides evidence for inefficiency of Bitcoin and other digital currencies of primary importance. Nevertheless, large steps towards efficiency in cryptocurrencies have been traced during the last years. This can lead to less profitable trading strategies for speculators. View Full-Text
Keywords: survey; bitcoin; cryptocurrency; efficient market hypothesis survey; bitcoin; cryptocurrency; efficient market hypothesis
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

Share & Cite This Article

MDPI and ACS Style

Kyriazis, N.A. A Survey on Efficiency and Profitable Trading Opportunities in Cryptocurrency Markets. J. Risk Financial Manag. 2019, 12, 67.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics



[Return to top]
J. Risk Financial Manag. EISSN 1911-8074 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top