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Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)

Giulia Fantini Orcid Logo, Joy Jia Orcid Logo, Chiara Oldani Orcid Logo

Journal of Economic Surveys, Volume: 40, Issue: 1, Pages: 443 - 468

Swansea University Authors: Giulia Fantini Orcid Logo, Joy Jia Orcid Logo

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DOI (Published version): 10.1111/joes.70015

Abstract

Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast-paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is proc...

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Published in: Journal of Economic Surveys
ISSN: 0950-0804 1467-6419
Published: Wiley 2026
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URI: https://cronfa.swan.ac.uk/Record/cronfa70320
first_indexed 2025-09-08T08:46:59Z
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spelling 2026-02-03T14:41:23.9818205 v2 70320 2025-09-08 Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024) 290e83934e79a0a29aec6575e0f82262 0000-0001-6923-0929 Giulia Fantini Giulia Fantini true false 2d215b93ea1160b2f73dbeb4df908564 0000-0002-0419-2797 Joy Jia Joy Jia true false 2025-09-08 CBAE Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast-paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is processed in these markets is essential for investors, policy makers, and academic researchers. This paper offers a thorough review on the extent to which cryptocurrency markets reflect information, based on 977 peer-reviewed articles published between 2015 and 2024 and indexed in Scopus. Using a combined method of bibliometric analysis and thematic review, the study identifies key research directions and common methods used to explore how information affects cryptocurrency prices. The review goes beyond the Efficient Market Hypothesis (EMH) and includes related topics such as volatility modelling, behavioral dynamics, spillovers, liquidity, and institutional influences. It presents a detailed overview of the most influential publications and organises the literature into six thematic research clusters, highlighting conceptual tensions and new methodological approaches. Finally, the paper outlines a future research agenda that connects market efficiency with changing regulatory environments, innovations in market structure, and the increasing role of institutional actors in the cryptocurrency space. Journal Article Journal of Economic Surveys 40 1 443 468 Wiley 0950-0804 1467-6419 bibliometric analysis, cryptocurrency markets, informational efficiency, market behavior, price volatility 1 2 2026 2026-02-01 10.1111/joes.70015 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University SU Library paid the OA fee (TA Institutional Deal) Swansea University 2026-02-03T14:41:23.9818205 2025-09-08T09:44:10.9092439 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Giulia Fantini 0000-0001-6923-0929 1 Joy Jia 0000-0002-0419-2797 2 Chiara Oldani 0000-0002-0203-3864 3 70320__35423__03e0a01b5f114d1aaee14414dac284b7.pdf 70320.VOR.pdf 2025-10-21T14:42:15.0179102 Output 1142941 application/pdf Version of Record true © 2025 The Author(s). This is an open access article under the terms of the Creative Commons Attribution License (CC BY). true eng http://creativecommons.org/licenses/by/4.0/
title Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
spellingShingle Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
Giulia Fantini
Joy Jia
title_short Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
title_full Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
title_fullStr Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
title_full_unstemmed Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
title_sort Informational Efficiency in Cryptocurrency Markets: A Bibliometric and Thematic Literature Review (2015–2024)
author_id_str_mv 290e83934e79a0a29aec6575e0f82262
2d215b93ea1160b2f73dbeb4df908564
author_id_fullname_str_mv 290e83934e79a0a29aec6575e0f82262_***_Giulia Fantini
2d215b93ea1160b2f73dbeb4df908564_***_Joy Jia
author Giulia Fantini
Joy Jia
author2 Giulia Fantini
Joy Jia
Chiara Oldani
format Journal article
container_title Journal of Economic Surveys
container_volume 40
container_issue 1
container_start_page 443
publishDate 2026
institution Swansea University
issn 0950-0804
1467-6419
doi_str_mv 10.1111/joes.70015
publisher Wiley
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
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department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
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description Cryptocurrency markets are known for their wide price fluctuations, lack of central control, and fast-paced development. These characteristics present serious challenges to traditional theories about how markets work and how prices reflect available information. Understanding how information is processed in these markets is essential for investors, policy makers, and academic researchers. This paper offers a thorough review on the extent to which cryptocurrency markets reflect information, based on 977 peer-reviewed articles published between 2015 and 2024 and indexed in Scopus. Using a combined method of bibliometric analysis and thematic review, the study identifies key research directions and common methods used to explore how information affects cryptocurrency prices. The review goes beyond the Efficient Market Hypothesis (EMH) and includes related topics such as volatility modelling, behavioral dynamics, spillovers, liquidity, and institutional influences. It presents a detailed overview of the most influential publications and organises the literature into six thematic research clusters, highlighting conceptual tensions and new methodological approaches. Finally, the paper outlines a future research agenda that connects market efficiency with changing regulatory environments, innovations in market structure, and the increasing role of institutional actors in the cryptocurrency space.
published_date 2026-02-01T05:32:21Z
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