가상화폐 시장의 양적 성장이 허딩현상에 미친 영향

This study analyzed the presence of the herding phenomenon the cryptocurency markets due to quantitative growth in the cryptocurrency market. To analyze the herding effect, this study considered daily 1,651 cryptocurrency data by using the cross-sectional absolute deviation (CSAD) approach. In addition to period-by-period analysis, individual coins were separated into major coins and minor coins, and the average yield of the individual market and the most significant Bitcoin in the cryptocurrency market were verified. Looking at the analysis results, it was confirmed that the herding phenomenon was weakening in line with the growth of the cryptocurrency market, and that the target of the follow-up was not the Bitcoin yield, but the return on the market that he belonged to. Rather, as anti-herding appears for Bitcoin yields, Bitcoin’s yield is a major factor in growing the market, but for Altcoin, it is recognized as a risk-averse object. Finally, the analysis of the herding using transaction amounts and volatility as investor sentiment factors that could indicate the herding phenomenon showed significant herding about the increase in transaction amounts and volatility. It can be seen that the herding phenomenon weakens in line with the growth of the Cryptocurrency market, but still show significant performance in certain situations.