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Herding behavior of cryptocurrency during the 2024 U.S. presidential election

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  • Thanh, Binh Nguyen
  • Nguyen, Thanh Cong
  • Tuan, Anh Nguyen
  • Hong, Hanh Le
  • Le Trang, Anh Dao

Abstract

This study examines the presence of herding behavior in cryptocurrency markets during the 2024 U.S. presidential election − an unprecedented period in which digital assets emerged as a major topic in national political discourse. Using high-frequency (30-minute interval) data on five leading cryptocurrencies and employing two established dispersion measures (CSSD and CSAD), the research investigates investor behavior before and after the electoral victory of President Donald Trump, who explicitly endorsed cryptocurrencies. Contrary to much of the prior literature that finds evidence of herding during periods of market uncertainty, our results consistently indicate statistically significant evidence of anti-herding behavior across all examined timeframes. These findings suggest that, despite heightened political attention and increased market volatility, cryptocurrency investors exhibited independent and rational trading behavior rather than following collective market trends.

Suggested Citation

  • Thanh, Binh Nguyen & Nguyen, Thanh Cong & Tuan, Anh Nguyen & Hong, Hanh Le & Le Trang, Anh Dao, 2026. "Herding behavior of cryptocurrency during the 2024 U.S. presidential election," The North American Journal of Economics and Finance, Elsevier, vol. 85(C).
    • Handle: RePEc:eee:ecofin:v:85:y:2026:i:c:s1062940826000859
    DOI: 10.1016/j.najef.2026.102663
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