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Herding behaviour in cryptocurrency and emerging financial markets

Author

Listed:
  • Maurice Omane-Adjepong
  • Imhotep Paul Alagidede
  • Anna Gustav Lyimo
  • George Tweneboah
  • Mohammed M Elgammal

Abstract

The letter examines herding in the most liquid cryptocurrency markets relative to traditional financial markets of 10 emerging economies within the G20. Our results reference significant symmetric crowd and imitation trading, which are dependent on time. Additionally, we report asymmetric herd behaviour in the cryptocurrency and stock markets, indicative that traders of these markets react collectively to extreme return movement with implied high risk and consequences for market informational efficiency.

Suggested Citation

  • Maurice Omane-Adjepong & Imhotep Paul Alagidede & Anna Gustav Lyimo & George Tweneboah & Mohammed M Elgammal, 2021. "Herding behaviour in cryptocurrency and emerging financial markets," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1933681-193, January.
    • Handle: RePEc:taf:oaefxx:v:9:y:2021:i:1:p:1933681
    DOI: 10.1080/23322039.2021.1933681
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    Citations

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    Cited by:

    1. Susovon Jana & Tarak N. Sahu, 2023. "Is the cryptocurrency market a hedge against stock market risk? A Wavelet and GARCH approach," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(3), November.
    2. Tavares, Natalia Alves & da Gama Silva, Paulo Vitor Jordão & Klotzle, Marcelo Cabus, 2025. "Investigation of the intentional and spurious herding effects in the cryptocurrency market with global events," The Quarterly Review of Economics and Finance, Elsevier, vol. 102(C).
    3. Mateusz Skwarek, 2025. "Why Do Investors Behave Irrationally in the Cryptocurrency and Emerging Stock Markets?," SAGE Open, , vol. 15(3), pages 21582440251, July.
    4. Bharti & Nupur Soti & Ashish Kumar, 2025. "Thematic Review and Discussion of Research on Herd Behavior in Capital Markets: Highlighting the Gaps and Proposing Future Research Avenues," SAGE Open, , vol. 15(1), pages 21582440251, February.
    5. Xinxin Yu & Sin-Huei Ng & Moau-Yong Toh, 2025. "Exploring the herding behavior of investors in the Non-fungible Tokens (NFTs) and cryptocurrency markets," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.

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