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Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
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Joy Jia ,
Chiara Oldani
Journal of Economic Surveys
Swansea University Authors:
Giulia Fantini , Joy Jia
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© 2025 The Author(s). This is an open access article under the terms of the Creative Commons Attribution License (CC BY).
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DOI (Published version): 10.1111/joes.70015
Abstract
Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast-paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is proc...
| Published in: | Journal of Economic Surveys |
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| ISSN: | 0950-0804 1467-6419 |
| Published: |
Wiley
2025
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| Online Access: |
Check full text
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa70320 |
| Abstract: |
Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast-paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is processed in these markets is essential for investors, policy makers, and academic researchers. This paper offers a thorough review on the extent to which cryptocurrency markets reflect information, based on 977 peer-reviewed articles published between 2015 and 2024 and indexed in Scopus. Using a combined method of bibliometric analysis and thematic review, the study identifies key research directions and common methods used to explore how information affects cryptocurrency prices. The review goes beyond the Efficient Market Hypothesis (EMH) and includes related topics such as volatility modelling, behavioral dynamics, spillovers, liquidity, and institutional influences. It presents a detailed overview of the most influential publications and organises the literature into six thematic research clusters, highlighting conceptual tensions and new methodological approaches. Finally, the paper outlines a future research agenda that connects market efficiency with changing regulatory environments, innovations in market structure, and the increasing role of institutional actors in the cryptocurrency space. |
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| Keywords: |
bibliometric analysis, cryptocurrency markets, informational efficiency, market behavior, price volatility |
| College: |
Faculty of Humanities and Social Sciences |
| Funders: |
Swansea University |