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Artem Meshcheryakov and Stoyu Ivanov
 
''Ethereum as a Hedge: The intraday analysis''
( 2020, Vol. 40 No.1 )
 
 
In this study, we examine on intraday basis Ether - the token or cryptocurrency based on the Ethereum platform. Ether is the second largest crypto-currency, together with Bitcoin they dominate the cryptocurrency universe and account for almost 70% of combined market share. Similar to Bitcoin, Ethereum experienced rapid growth in price from a few cents per Ether after its introduction in 2015 reaching maximum of $1,432.88 on January 13, 2018. In this paper, we study whether Ethereum crypto-currency is a hedge, diversifier or a safe haven asset. We find that Ethereum crypto-currency is a hedge against the US stock and gold markets. Also, Ethereum tends to behave as a safe haven for gold markets. When currency markets are concerned, we document that Ethereum is a diversifier for the US Dollar.
 
 
Keywords: ether, ethereum, crypto-currency, blockchain, hedge, diversifier, safe Gaven
JEL: G1 - (G11, G13, G13) Portfolios, Investments, Asset and Futures Pricing, Trading Volume & Bond Interest Rates
G2 - Financial Institutions and Services: General
 
Manuscript Received : Nov 13 2019 Manuscript Accepted : Feb 05 2020

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