CRYPTOCURRENCIES, COVID-19 PANDEMIC AND THE FINANCIAL BUBBLES: THE CASE OF TOP FIVE DIGITAL ASSETS

This study explores the bubble behavior in prices of top five cryptocurrencies (i.e., Bitcoin, Ethereum, Ripple, Stellar, and Tether) using daily data closing level at COVID-19 pandemic, covering period from January 2, 2020 to 2021. The testing procedure selected is investigated by two methodologies. Those covers test statistics originated Supremum Augmented Dickey-Fuller (SADF) (Phillips et al., 2011) Generalized (GSADF) 2015) define several periods. empirical results emphasize that not a diverse stable feature Stellar prices, except Tether which point out emergence potential crisis digital assets market through an increasing degree financial instability.