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.
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.
Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11, 959–975.
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.
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.
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.
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.
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.
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.
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.
Derviş, H. (2019). Bibliometric analysis using bibliometrix an R package. Journal of Scientometric Research, 8, 156–160.
Dibrova, A. (2016). Virtual currency: New step in monetary development. Procedia-Social and Behavioral Sciences, 229, 42–49.
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.
Dwyer, G. P. (2015). The economics of Bitcoin and similar private digital currencies. Journal of Financial Stability, 17, 81–91.
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.
Eross, A., McGroarty, F., Urquhart, A., & Wolfe, S. (2019). The intraday dynamics of bitcoin. Research in International Business and Finance, 49, 71–81.
Fama, M., Fumagalli, A., & Lucarelli, S. (2019). Cryptocurrencies, monetary policy, and new forms of monetary sovereignty. International Journal of Political Economy, 48, 174–194.
Fasanya, I. O., Oyewole, O., & Odudu, T. (2020). Returns and volatility spillovers among cryptocurrency portfolios. International Journal of Managerial Finance, 17, 327–341.
Feinstein, B. D., & Werbach, K. (2021). The impact of cryptocurrency regulation on trading markets. Journal of Financial Regulation, 7, 48–99.
Fischer, T. G., Krauss, C., & Deinert, A. (2019). Statistical arbitrage in cryptocurrency markets. Journal of Risk and Financial Management, 12, 31.
Flori, A. (2019a). Cryptocurrencies in finance: Review and applications. International Journal of Theoretical and Applied Finance, 22, 1950020.
Flori, A. (2019b). News and subjective beliefs: A Bayesian approach to Bitcoin investments. Research in International Business and Finance, 50, 336–356.
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.
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.
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.
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.
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.
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.
Katsiampa, P. (2017). Volatility estimation for Bitcoin: A comparison of GARCH models. Economics Letters, 158, 3–6.
Katsiampa, P. (2019). An empirical investigation of volatility dynamics in the cryptocurrency market. Research in International Business and Finance, 50, 322–335.
Khan, R., & Hakami, T. A. (2022). Cryptocurrency: Usability perspective versus volatility threat. Journal of Money and Business, 2, 16–28.
Krivoruchko, S., Ponamorenko, V., & Nebera, A. (2018). Central bank policy and cryptocurrencies. Journal of Reviews on Global Economics, 7, 549–561.
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.
Le Tran, V., & Leirvik, T. (2020). Efficiency in the markets of cryptocurrencies. Finance Research Letters, 35, 101382.
Lohmer, J., Ribeiro Da Silva, E., & Lasch, R. (2022). Blockchain technology in operations & supply chain management: A content analysis. Sustainability, 14, 6192.
López-Martín, C., Benito Muela, S., & Arguedas, R. (2021). Efficiency in cryptocurrency markets: New evidence. Eurasian Economic Review, 11, 403–431.
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106, 213–228.
Naatu, F., & Alon, I. (2019). Social franchising: A bibliometric and theoretical review. Journal of Promotion Management, 25, 738–764.
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.
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.
Noda, A. (2021). On the evolution of cryptocurrency market efficiency. Applied Economics Letters, 28, 433–439.
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.
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.
Phillip, A., Chan, J. S., & Peiris, S. (2018). A new look at cryptocurrencies. Economics Letters, 163, 6–9.
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.
Radha, L., & Arumugam, J. (2021). The research output of bibliometrics using bibliometrix R package and VOSviewer. Humanities, 9, 44–49.
Sabah, N. (2020). Cryptocurrency accepting venues, investor attention, and volatility. Finance Research Letters, 36, 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.
Sauer, B. (2016). Virtual currencies, the money market, and monetary policy. International Advances in Economic Research, 22, 117–130.
Shynkevich, A. (2020). Pricing efficiency and market efficiency of two Bitcoin funds. Applied Economics Letters, 27, 1623–1628.
Sitthipon, T., Kaewpuang, P., & Auttawechasakoon, P. (2023). A review of cryptocurrency in the digital economy. International Journal of Computing Sciences Research, 7, 1152–1161.
Soni, N. (2020). An analysis of cryptocurrency and their functioning. Available at 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.
Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86.
Teichmann, F. M. J., & Falker, M.-C. (2020). Money laundering via cryptocurrencies–potential solutions from Liechtenstein. Journal of Money Laundering Control, 24, 91–101.
Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, 80–82.
Urquhart, A. (2017). Price clustering in Bitcoin. Economics Letters, 159, 145–148.
Van Eck, N. J., & Waltman, L. (2014). Visualizing bibliometric networks. In Measuring scholarly impact: Methods and practice. Springer.
Van Eck, N., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84, 523–538.
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.
Wei, W. C. (2018). Liquidity and market efficiency in cryptocurrencies. Economics Letters, 168, 21–24.
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.
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.
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.
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.
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.