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Computer Science and Education in Computer Science. 19th EAI International Conference, CSECS 2023, Boston, MA, USA, June 28–29, 2023, Proceedings

Research Article

Interdependencies Between Cryptocurrency Markets, Precious Metals and Energy Resources

Cite
BibTeX Plain Text
  • @INPROCEEDINGS{10.1007/978-3-031-44668-9_22,
        author={Ivan Rusevski and Ana Todorovska and Irena Vodenska and Ljubomir Chitkushev and Dimitar Trajanov},
        title={Interdependencies Between Cryptocurrency Markets, Precious Metals and Energy Resources},
        proceedings={Computer Science and Education in Computer Science. 19th EAI International Conference, CSECS 2023, Boston, MA, USA, June 28--29, 2023, Proceedings},
        proceedings_a={CSECS},
        year={2023},
        month={10},
        keywords={Cryptocurrencies Precious metals Energy resources Interdependence Networks},
        doi={10.1007/978-3-031-44668-9_22}
    }
    
  • Ivan Rusevski
    Ana Todorovska
    Irena Vodenska
    Ljubomir Chitkushev
    Dimitar Trajanov
    Year: 2023
    Interdependencies Between Cryptocurrency Markets, Precious Metals and Energy Resources
    CSECS
    Springer
    DOI: 10.1007/978-3-031-44668-9_22
Ivan Rusevski1,*, Ana Todorovska1, Irena Vodenska2, Ljubomir Chitkushev3, Dimitar Trajanov1
  • 1: Faculty of Computer Science and Engineering
  • 2: Administrative Sciences Department, Financial Management, Metropolitan College, Boston University
  • 3: Computer Science Department, Metropolitan College, Boston University
*Contact email: ivan.rusevski@finki.ukim.mk

Abstract

In a rapidly changing world where no market or economy is secure, interconnectivity is becoming a key feature of almost all social and economic systems. As a brand-new digital asset, cryptocurrencies are quickly taking over the world economy. Cryptocurrencies are becoming alternative investments as a store of value compared to precious metals. The purpose of this study is to examine the connections between cryptocurrencies, precious metals, and energy resources using structured numerical data. To achieve this goal, two approaches are employed to create networks that reveal relationships between cryptocurrencies (Bitcoin, Ethereum, Cardano, Chainlink, Litecoin, Stellar, and Ripple), precious metals (Gold, Silver, and Platinum), and energy resources (Oil and Natural Gas) based on their daily prices and returns. The interdependence of the networks is further examined to reveal similarities between the created networks. The proposed methodology facilitates an understanding of the dynamics of cryptocurrency markets, the factors that influence them, and the potential for future research to expand and include additional cryptocurrencies.

Keywords
Cryptocurrencies Precious metals Energy resources Interdependence Networks
Published
2023-10-11
Appears in
SpringerLink
http://dx.doi.org/10.1007/978-3-031-44668-9_22
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