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Journal : Cakrawala : Management Science Journal

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Impact of Behavioral Bias, Price Volatility, and Market Capitalization on Cryptocurrency Purchase Decisions in Indonesia Putra, Bagja Rahma; Lestari, Fitrina; Kharisma
CAKRAWALA : Management Science Journal Vol. 2 No. 3 (2025): Cakrawala: Management Science Journal - September
Publisher : Yayasan Edukasi Cakrawala Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63541/8ehdka53

Abstract

This study investigates how market capitalization, price volatility, and behavioral biases affect decisions to buy cryptocurrencies. Because of its decentralized structure and extreme volatility, the cryptocurrency market frequently affects investment choices through psychological elements, including loss aversion, overconfidence, and herd mentality. This study uses a quantitative methodology to analyze data from the nine most traded cryptocurrencies using independent t-tests, multiple linear regression, and simple linear regression. According to the study's findings, decisions to buy cryptocurrencies are significantly positively influenced by herd behavior and overconfidence, as shown by high volatility, but not significantly by loss aversion. Furthermore, it has been demonstrated that price volatility significantly affects herd behavior, meaning that investors are influenced to follow the majority lead when prices fluctuate significantly. However, the degree of herd behavior is not affected by market capitalization, suggesting that psychological elements like herd behavior are more impacted by general market conditions than by market capitalization size. These results highlight how crucial it is to comprehend the psychological aspects of cryptocurrency market decision-making, since doing so can offer a better understanding of investor behavior and the workings of this extremely unpredictable market.
Co-Authors Ahmad Hanafi Ahmad Hanafi Ajmain Alfirna Rizqi Lahitani Alfun Roehatul Jannah Aris Wahyu Murdiyanto Arumsari, Dewi Ayunita, Elia Batjo, Athanaya Citra Savitri Dewi Rosa Indah, Dewi Rosa Elvika Fit Ari Shanti, Elvika Fit Ari Endah Puji Astuti, Endah Puji Fitrina Lestari Husaini Irmma Dwijayanti Kusumaningtyas, Kartikadyota Lisa Solikhatin Sumantri Muhammad Erwan Syah Muhammad Habibi Muhammad Syairazi Nanik Lestariningsih Nguyen, Nga Thi Thu Nopiyanti, Nopa Nufia Alfi Rohyana Purnamaningsih, Nur’Aini Purwanto, Sigid Edy Putra, Bagja Rahma Rahmi Meutia Risky Amelia Rizki Wahyuning Damayanti Rukmi, Dwi Kartika Setyawati, Heni Siti Dila Nuratih SITI FATIMAH Sunarsih Suwarno Syifa Pramudita Faddila Tran, Thu-Giang Tri Sunarsih Tri, Elvika Fit Ari Shanti Ulfi Saidata Aesyi Wardianti, Yunita Yulinda, Dwi