ADELANTE
Institutional Repository

This study explores the cryptocurrency market and analyzes the impact of 18 technical factors, such as exchange volume, transaction volume, and supply, on the closing price performance of Bitcoin, Ethereum, and Monero. The research utilizes a daily four-year data from 2019 to 2022 and applies correlational research and data mining techniques to retrieve the necessary blockchain data. Results from a Kolmogorov-Smirnov test and linear regression analysis show that exchange volumes had a positive effect on driving potential towards the relative price of all three cryptocurrencies. At the same time, transaction volume also showed a positive impact and was a significant predictor of closing price for Bitcoin and Ethereum. However, supply does not offer any predictive potential for influencing the closing price performance of any cryptocurrency included in this investigation. The study also found that technical factors, such as transaction volume, exchange volume, supply, and closing price, increased in 2021 due to the COVID-19 pandemic. A comparison with a 30 previous study conducted from 2015 to 2018 reveals significant differences in the impact of technical factors on the close prices of Bitcoin, Ethereum, and Monero. The last study found that transaction volume and exchange volume have a positive effect on the price of Bitcoin and Ethereum. In contrast, supply has a negative and significant impact on Ethereum and Monero. Exchange volume had a negative impact on the price of Ethereum, indicating that traders may be offloading their holdings. Despite Ethereum's fixed monetary policy and predictable maximum supply, the actual circulating supply may vary due to factors such as locked or lost coins, which can havE a negative and significant effect on Ethereum's price.