A Bibliometric and Content Analysis of Cryptocurrency
DOI:
https://doi.org/10.61506/01.00511Keywords:
Cryptocurrency, Review study, Bibliometric analysis, content analysis, VOSviewerAbstract
The findings of our extensive review of the cryptocurrency literature from 2010 to 2022 are presented in this report. We cover the definitions, history, uses, and distinctive activities of the cryptocurrency business in our overview. We initially conducted a bibliometric analysis on articles acquired from the Scopus database using the VOSviewer bibliometric and R package tool in order to identify the two main streams of cryptocurrency literature. Then, we conducted content analyses on pertinent publications from reputable sources. We also found gaps in the literature and suggested seven research areas that should be addressed in follow-up studies to improve understanding of the cryptocurrency sector. Researchers researching at the numerous sides of cryptocurrencies to increase our understanding of this industry may find the findings of this paper to be a helpful resource.
References
Ahmed, S., Grobys, K., & Sapkota, N. (2020). Profitability of technical trading rules among cryptocurrencies with privacy function. Finance Research Letters, 35, 101495. DOI: https://doi.org/10.1016/j.frl.2020.101495
Alsmadi, A., Alrawashdeh, N., Al-Dweik, A., & Al-Assaf, M. (2022). Cryptocurrencies: A bibliometric analysis. International Journal of Data and Network Science, 6, 619–628. DOI: https://doi.org/10.5267/j.ijdns.2022.4.011
Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11, 959–975. DOI: https://doi.org/10.1016/j.joi.2017.08.007
Arsi, S., Ben Khelifa, S., Ghabri, Y., & Mzoughi, H. (2022). Cryptocurrencies: Key risks and challenges. In Cryptofinance: A New Currency for a New Economy. World Scientific. DOI: https://doi.org/10.1142/9789811239670_0007
Bech, M. L., & Garratt, R. (2017). Central bank cryptocurrencies. BIS Quarterly Review September.
Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017). On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192–198. DOI: https://doi.org/10.1016/j.frl.2016.09.025
Bunjaku, F., Gjorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies – Advantages and disadvantages. Journal of Economics, 2, 31–39.
Burnham, J. F. (2006). Scopus database: A review. Biomedical Digital Libraries, 3, 1–8. DOI: https://doi.org/10.1186/1742-5581-3-1
Claeys, G., Demertzis, M., & Efstathiou, K. (2018). Cryptocurrencies and monetary policy. Bruegel Policy Contribution.
Colon, F., Kim, C., Kim, H., & Kim, W. (2021). The effect of political and economic uncertainty on the cryptocurrency market. Finance Research Letters, 39, 101621. DOI: https://doi.org/10.1016/j.frl.2020.101621
Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. DOI: https://doi.org/10.1016/j.ribaf.2020.101248
Corbet, S., Hou, Y. G., Hu, Y., Larkin, C., & Oxley, L. (2020). Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic. Economics Letters, 194, 109377. DOI: https://doi.org/10.1016/j.econlet.2020.109377
Corbet, S., McHugh, G., & Meegan, A. (2014). The influence of central bank monetary policy announcements on cryptocurrency return volatility. Investment Management and Financial Innovations, 60–72. DOI: https://doi.org/10.21511/imfi.14(4).2017.07
Derviş, H. (2019). Bibliometric analysis using bibliometrix an R package. Journal of Scientometric Research, 8, 156–160. DOI: https://doi.org/10.5530/jscires.8.3.32
Dibrova, A. (2016). Virtual currency: New step in monetary development. Procedia-Social and Behavioral Sciences, 229, 42–49. DOI: https://doi.org/10.1016/j.sbspro.2016.07.112
Doran, M. D. (2014). A forensic look at bitcoin cryptocurrency. Utica College.
Dupuis, D., & Gleason, K. (2020). Money laundering with cryptocurrency: Open doors and the regulatory dialectic. Journal of Financial Crime, 28, 60–74. DOI: https://doi.org/10.1108/JFC-06-2020-0113
Dwyer, G. P. (2015). The economics of Bitcoin and similar private digital currencies. Journal of Financial Stability, 17, 81–91. DOI: https://doi.org/10.1016/j.jfs.2014.11.006
Ejaz, H., Zeeshan, H. M., Ahmad, F., Bukhari, S. N. A., Anwar, N., Alanazi, A., Sadiq, A., Junaid, K., Atif, M., & Abosalif, K. O. A. (2022). Bibliometric analysis of publications on the omicron variant from 2020 to 2022 in the Scopus database using R and VOSviewer. International Journal of Environmental Research and Public Health, 19, 12407. DOI: https://doi.org/10.3390/ijerph191912407
Eross, A., McGroarty, F., Urquhart, A., & Wolfe, S. (2019). The intraday dynamics of bitcoin. Research in International Business and Finance, 49, 71–81. DOI: https://doi.org/10.1016/j.ribaf.2019.01.008
Fama, M., Fumagalli, A., & Lucarelli, S. (2019). Cryptocurrencies, monetary policy, and new forms of monetary sovereignty. International Journal of Political Economy, 48, 174–194. DOI: https://doi.org/10.1080/08911916.2019.1624318
Fasanya, I. O., Oyewole, O., & Odudu, T. (2020). Returns and volatility spillovers among cryptocurrency portfolios. International Journal of Managerial Finance, 17, 327–341. DOI: https://doi.org/10.1108/IJMF-02-2019-0074
Feinstein, B. D., & Werbach, K. (2021). The impact of cryptocurrency regulation on trading markets. Journal of Financial Regulation, 7, 48–99. DOI: https://doi.org/10.1093/jfr/fjab003
Fischer, T. G., Krauss, C., & Deinert, A. (2019). Statistical arbitrage in cryptocurrency markets. Journal of Risk and Financial Management, 12, 31. DOI: https://doi.org/10.3390/jrfm12010031
Flori, A. (2019a). Cryptocurrencies in finance: Review and applications. International Journal of Theoretical and Applied Finance, 22, 1950020. DOI: https://doi.org/10.1142/S0219024919500201
Flori, A. (2019b). News and subjective beliefs: A Bayesian approach to Bitcoin investments. Research in International Business and Finance, 50, 336–356. DOI: https://doi.org/10.1016/j.ribaf.2019.05.007
García-Corral, F. J., Cordero-García, J. A., De Pablo-Valenciano, J., & Uribe-Toril, J. (2022). A bibliometric review of cryptocurrencies: How have they grown? Financial Innovation, 8, 1–31. DOI: https://doi.org/10.1186/s40854-021-00306-5
Hou, A. J., Wang, W., Chen, C. Y., & Härdle, W. K. (2020). Pricing cryptocurrency options. Journal of Financial Econometrics, 18, 250–279.
Hu, Y., Valera, H. G. A., & Oxley, L. (2019). Market efficiency of the top market-cap cryptocurrencies: Further evidence from a panel framework. Finance Research Letters, 31, 138–145. DOI: https://doi.org/10.1016/j.frl.2019.04.012
Hughes, S. D. (2017). Cryptocurrency regulations and enforcement in the US. Western State University Law Review, 45, 1.
Huynh, T. L. D., Burggraf, T., & Wang, M. (2020). Gold, platinum, and expected Bitcoin returns. Journal of Multinational Financial Management, 56, 100628. DOI: https://doi.org/10.1016/j.mulfin.2020.100628
Jalal, R. N.-U.-D., Alon, I., & Paltrinieri, A. (2021). A bibliometric review of cryptocurrencies as a financial asset. Technology Analysis & Strategic Management, 1–16. DOI: https://doi.org/10.1080/09537325.2021.1939001
Jalal, S. K. (2019). Co-authorship and co-occurrence analysis using bibliometrix R-package: A case study of India and Bangladesh. Annals of Library and Information Studies, 66, 57–64.
Jeris, S. S., Chowdhury, A. N. U. R., Akter, M. T., Frances, S., & Roy, M. H. (2022). Cryptocurrency and stock market: Bibliometric and content analysis. Heliyon. DOI: https://doi.org/10.1016/j.heliyon.2022.e10514
Kakinaka, S., & Umeno, K. (2022). Cryptocurrency market efficiency in short-and long-term horizons during COVID-19: An asymmetric multifractal analysis approach. Finance Research Letters, 46, 102319. DOI: https://doi.org/10.1016/j.frl.2021.102319
Katsiampa, P. (2017). Volatility estimation for Bitcoin: A comparison of GARCH models. Economics Letters, 158, 3–6. DOI: https://doi.org/10.1016/j.econlet.2017.06.023
Katsiampa, P. (2019). An empirical investigation of volatility dynamics in the cryptocurrency market. Research in International Business and Finance, 50, 322–335. DOI: https://doi.org/10.1016/j.ribaf.2019.06.004
Khan, R., & Hakami, T. A. (2022). Cryptocurrency: Usability perspective versus volatility threat. Journal of Money and Business, 2, 16–28. DOI: https://doi.org/10.1108/JMB-11-2021-0051
Krivoruchko, S., Ponamorenko, V., & Nebera, A. (2018). Central bank policy and cryptocurrencies. Journal of Reviews on Global Economics, 7, 549–561. DOI: https://doi.org/10.6000/1929-7092.2018.07.51
Kumar, S., Lim, W. M., Sivarajah, U., & Kaur, J. (2023). Artificial intelligence and blockchain integration in business: Trends from a bibliometric-content analysis. Information Systems Frontiers, 25, 871–896. DOI: https://doi.org/10.1007/s10796-022-10279-0
Le Tran, V., & Leirvik, T. (2020). Efficiency in the markets of cryptocurrencies. Finance Research Letters, 35, 101382. DOI: https://doi.org/10.1016/j.frl.2019.101382
Lohmer, J., Ribeiro Da Silva, E., & Lasch, R. (2022). Blockchain technology in operations & supply chain management: A content analysis. Sustainability, 14, 6192. DOI: https://doi.org/10.3390/su14106192
López-Martín, C., Benito Muela, S., & Arguedas, R. (2021). Efficiency in cryptocurrency markets: New evidence. Eurasian Economic Review, 11, 403–431. DOI: https://doi.org/10.1007/s40822-021-00182-5
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106, 213–228. DOI: https://doi.org/10.1007/s11192-015-1765-5
Naatu, F., & Alon, I. (2019). Social franchising: A bibliometric and theoretical review. Journal of Promotion Management, 25, 738–764. DOI: https://doi.org/10.1080/10496491.2019.1584777
Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: A comprehensive introduction. Princeton University Press.
Nelson, B. (2018). Financial stability and monetary policy issues associated with digital currencies. Journal of Economics and Business, 100, 76–78. DOI: https://doi.org/10.1016/j.jeconbus.2018.06.002
Nguyen, T. V. H., Nguyen, B. T., Nguyen, K. S., & Pham, H. (2019). Asymmetric monetary policy effects on cryptocurrency markets. Research in International Business and Finance, 48, 335–339. DOI: https://doi.org/10.1016/j.ribaf.2019.01.011
Noda, A. (2021). On the evolution of cryptocurrency market efficiency. Applied Economics Letters, 28, 433–439. DOI: https://doi.org/10.1080/13504851.2020.1758617
Othman, A. H. A., Alhabshi, S. M., Kassim, S., & Sharofiddin, A. (2020). The impact of cryptocurrencies market development on banks’ deposits variability in the GCC region. Journal of Financial Economic Policy, 12, 161–184. DOI: https://doi.org/10.1108/JFEP-02-2019-0036
Panagiotidis, T., Stengos, T., & Vravosinos, O. (2019). The effects of markets, uncertainty, and search intensity on Bitcoin returns. International Review of Financial Analysis, 63, 220–242. DOI: https://doi.org/10.1016/j.irfa.2018.11.002
Phillip, A., Chan, J. S., & Peiris, S. (2018). A new look at cryptocurrencies. Economics Letters, 163, 6–9. DOI: https://doi.org/10.1016/j.econlet.2017.11.020
Polasik, M., Piotrowska, A. I., Wisniewski, T. P., Kotkowski, R., & Lightfoot, G. (2015). Price fluctuations and the use of Bitcoin: An empirical inquiry. International Journal of Electronic Commerce, 20, 9–49. DOI: https://doi.org/10.1080/10864415.2016.1061413
Radha, L., & Arumugam, J. (2021). The research output of bibliometrics using bibliometrix R package and VOSviewer. Humanities, 9, 44–49. DOI: https://doi.org/10.34293/sijash.v9i2.4197
Sabah, N. (2020). Cryptocurrency accepting venues, investor attention, and volatility. Finance Research Letters, 36, 101339. DOI: https://doi.org/10.1016/j.frl.2019.101339
Sahoo, P. K., & Sethi, D. (2022). Market efficiency of the cryptocurrencies: Some new evidence based on price–volume relationship. International Journal of Finance & Economics. DOI: https://doi.org/10.1002/ijfe.2744
Sauer, B. (2016). Virtual currencies, the money market, and monetary policy. International Advances in Economic Research, 22, 117–130. DOI: https://doi.org/10.1007/s11294-016-9576-x
Shynkevich, A. (2020). Pricing efficiency and market efficiency of two Bitcoin funds. Applied Economics Letters, 27, 1623–1628. DOI: https://doi.org/10.1080/13504851.2019.1707760
Sitthipon, T., Kaewpuang, P., & Auttawechasakoon, P. (2023). A review of cryptocurrency in the digital economy. International Journal of Computing Sciences Research, 7, 1152–1161. DOI: https://doi.org/10.25147/ijcsr.2017.001.1.124
Soni, N. (2020). An analysis of cryptocurrency and their functioning. Available at SSRN 3683771. DOI: https://doi.org/10.2139/ssrn.3683771
Stevens, A. (2017). Digital currencies: Threats and opportunities for monetary policy. Economic Review, 79–92.
Stoika, M. (2021). Cryptocurrency–definition, functions, advantages, and risks. Підприємництво і торгівля, 5–10. DOI: https://doi.org/10.36477/2522-1256-2021-30-01
Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86. DOI: https://doi.org/10.3390/risks10040086
Teichmann, F. M. J., & Falker, M.-C. (2020). Money laundering via cryptocurrencies–potential solutions from Liechtenstein. Journal of Money Laundering Control, 24, 91–101. DOI: https://doi.org/10.1108/JMLC-04-2020-0041
Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, 80–82. DOI: https://doi.org/10.1016/j.econlet.2016.09.019
Urquhart, A. (2017). Price clustering in Bitcoin. Economics Letters, 159, 145–148. DOI: https://doi.org/10.1016/j.econlet.2017.07.035
Van Eck, N. J., & Waltman, L. (2014). Visualizing bibliometric networks. In Measuring scholarly impact: Methods and practice. Springer. DOI: https://doi.org/10.1007/978-3-319-10377-8_13
Van Eck, N., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84, 523–538. DOI: https://doi.org/10.1007/s11192-009-0146-3
Wang, H., He, D., & Ji, Y. (2020). Designated-verifier proof of assets for Bitcoin exchange using elliptic curve cryptography. Future Generation Computer Systems, 107, 854–862. DOI: https://doi.org/10.1016/j.future.2017.06.028
Wei, W. C. (2018). Liquidity and market efficiency in cryptocurrencies. Economics Letters, 168, 21–24. DOI: https://doi.org/10.1016/j.econlet.2018.04.003
Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. DOI: https://doi.org/10.1016/j.jbusres.2019.01.010
Yaya, O. S., Ogbonna, A. E., Mudida, R., & Abu, N. (2021). Market efficiency and volatility persistence of cryptocurrency during pre‐and post‐crash periods of Bitcoin: Evidence based on fractional integration. International Journal of Finance & Economics, 26, 1318–1335. DOI: https://doi.org/10.1002/ijfe.1851
Yi, S., Xu, Z., & Wang, G.-J. (2018). Volatility connectedness in the cryptocurrency market: Is Bitcoin a dominant cryptocurrency? International Review of Financial Analysis, 60, 98–114. DOI: https://doi.org/10.1016/j.irfa.2018.08.012
Zhang, D., Xu, J., Zhang, Y., Wang, J., He, S., & Zhou, X. (2020a). Study on sustainable urbanization literature based on Web of Science, Scopus, and China National Knowledge Infrastructure: A scientometric analysis in CiteSpace. Journal of Cleaner Production, 264, 121537. DOI: https://doi.org/10.1016/j.jclepro.2020.121537
Zhang, Y., Chan, S., Chu, J., & Sulieman, H. (2020b). On the market efficiency and liquidity of high-frequency cryptocurrencies in a bull and bear market. Journal of Risk and Financial Management, 13, 8. DOI: https://doi.org/10.3390/jrfm13010008
