Down-market herding becomes mildly significant only after September 2019 after which it remains stable through the end of the sample period. 5.2.
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The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets
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The sentences
In general, we observe a decreasing trend in herding in the recent times, particularly in the USD and euro cryptocurrency markets.
A similar pattern is observed for the euro cryptocurrency market except that at the end of the sample period, up-market herding levels become almost insignificant.