Cryptocurrency Market Efficiency Revisited: A Bibliometric Analysis

The aim of this comprehensive review of the papers published on the Scopus database is to gain insights into the various indicators that determine the level of market efficiency within the global cryptocurrency markets. We have employed a series of bibliometric and content analyses on 3,224 papers published during 2014–2024. Findings indicate that the scholarly literature on cryptocurrency exhibits a varied range of perspectives, frequently encompassing multiple academic disciplines such as economics, finance, accounting, technology, and engineering. We present three significant findings. First, despite a growing list of recent studies supporting some efficiency, cryptocurrency assets frequently deviate from conventional norms of market efficiency. Herding, co-movement, sentiment, and overconfidence are the major contributors behind the inefficient cryptocurrency market. Second, the intricate nature of these assets and their lack of connection to fundamental economic value contribute to inconsistencies, instability, and ambiguity. Third, regulators are expected to intervene with prudent and globally collaborative regulations to optimize the potential of this market. In this discourse, we analyze the potential consequences derived from various frameworks and methods, with the aim of informing forthcoming scholarly investigations.