According to a study by Elie Bouria, Rangan Guptab, and David Roubaudc, herding behavior in cryptocurrencies is crucial for several reasons. First, it offers a behavioral explanation for the extreme volatility and trends observed in many cryptocurrencies. Herding affects the risk-return tradeoff and thus entails implications for asset pricing. The study examines the presence of herding behavior in the cryptocurrency market. The latter is the outcome of mass collaboration and imitation. Results from the static model suggest no significant herding.
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