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Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)

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  • Giulia Fantini
  • Joy Jia
  • Chiara Oldani

Abstract

Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast‐paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is processed in these markets is essential for investors, policy makers, and academic researchers. This paper offers a thorough review on the extent to which cryptocurrency markets reflect information, based on 977 peer‐reviewed articles published between 2015 and 2024 and indexed in Scopus. Using a combined method of bibliometric analysis and thematic review, the study identifies key research directions and common methods used to explore how information affects cryptocurrency prices. The review goes beyond the Efficient Market Hypothesis (EMH) and includes related topics such as volatility modelling, behavioral dynamics, spillovers, liquidity, and institutional influences. It presents a detailed overview of the most influential publications and organises the literature into six thematic research clusters, highlighting conceptual tensions and new methodological approaches. Finally, the paper outlines a future research agenda that connects market efficiency with changing regulatory environments, innovations in market structure, and the increasing role of institutional actors in the cryptocurrency space.

Suggested Citation

  • Giulia Fantini & Joy Jia & Chiara Oldani, 2026. "Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)," Journal of Economic Surveys, Wiley Blackwell, vol. 40(1), pages 443-468, February.
    • Handle: RePEc:bla:jecsur:v:40:y:2026:i:1:p:443-468
    DOI: 10.1111/joes.70015
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