Trending Technologies in the Cryptocurrency Market

Introduction

The issue of cryptocurrency, a novel form of money based on blockchain, is popular and draws readers from both academic and professional areas (Tschorsch & Scheuermann, 2016). Cryptocurrencies provide the benefits described above traditional currencies, such as decentralized transactions, anonymity, audibility, etc. (Conti, Kumar, Lal, & Ruj, 2018). But there are also particular hazards associated with cryptocurrencies, such as chaotic network activity (Johnson, Laszka, Grossklags, Vasek, & Moore, 2014). Research on cryptocurrency, which is still in its infancy, started in 2008. Recent years have seen a fast surge in bitcoin writing due to the emergence of the cryptocurrency industry.

Cryptocurrencies have grown quickly and are now common assets on international financial markets (Białkowski, 2020; R. Li, Li, Yuan, & Zhu, 2021). As a result, they have gained attention from regulators, the media, and individual and institutional investors as well as becoming a significant and current topic in several academic fields (Angerer, Hoffmann, Neitzert, & Kraus, 2021). As a result, this literature strand has been discussing a variety of subjects, including the impact of news on crypto investors' behavior (Domingo, Piñeiro-Chousa, & López-Cabarcos, 2020; Flori, 2019), investor attentiveness, and momentum effect (Y. Li, Urquhart, Wang, & Zhang, 2021), herding behavior in the market (da Gama Silva, Klotzle, Pinto, & Gomes, 2019; Papadamou, Kyriazis, Tzeremes, & Corbet, 2021), investor emotion in the cryptocurrency market (Anamika, Chakraborty, & Subramaniam, 2021; Guégan & Renault, 2021). Therefore, for the literature segment on investor sentiment in the cryptocurrency market, the compilation and synthesis of previously created information as well as the identification of knowledge gaps are of utmost importance (Angerer et al., 2021). The purpose of the digital asset known as Bitcoin is to serve as a medium of exchange (Nakamoto, 2008). While decentralized and transparently jointly certifying the transactions, users can receive and transmit native tokens known as bitcoins. The fundamental technology is based on users maintaining a shared public ledger and being rewarded with bitcoins for managing the transaction network. A form of money known as “cryptocurrency” employs cryptography to secure transactions and control the creation of new currency units (Casey, 2015).

About 600 of the nearly 1500 additional cryptocurrencies released after the launch of Bitcoin in 2009 are being actively traded. All cryptocurrencies use the same incentive system and underlying blockchain technology, although they often exist on separate transaction networks. Many of them are essentially Bitcoin clones, but with slight variations in supply, transaction validation times, and other factors. Others have developed from larger advancements in the underpinning blockchain (Hileman & Rauchs, 2017). Bitcoin was first presented as a daily payment method, but nowadays, cryptocurrencies are being utilized for speculative purposes (Ceruleo, 2014). Other applications include time stamping and numerous non-monetary ones like payment rail for inexpensive international money transfers (Ali, Barrdear, Clews, & Southgate, 2014). The market for cryptocurrencies is distinct, and their prices are very unpredictable due to the self-organization of various uses both inside a single coin and as a feature of distinction across cryptocurrencies (Yermack, 2013).