The link between transportation industry and transportation cryptocurrencies – A comparison among airline, rail, and shipping industries

Abstract

This work examines the link between some of the most important transportation companies’ stock performance with the corresponding transportation cryptocurrencies. To do so, airlines, rail, and shipping companies’ stocks are investigated, examining for a probable link with the transportation cryptocurrencies, and also investigating the attributes of this link. The variable-Lag time-series causality is employed to test the channel of causality (if such exists), and the multifractal detrended cross-correlation analysis is utilized to investigate the relationship’s attributes. According to the results, the three transportation industries differ in the way they relate to transportation-related cryptocurrencies. More precisely, the transportation industries differ in the way they relate to transportation cryptocurrencies since airlines, and railway companies affect the price of the cryptocurrencies related to transportation, and cryptocurrencies also affect in a similar magnitude these fields. On the other hand, the shipping companies have a greater effect on the cryptocurrencies, while the cryptocurrencies in very few cases affect these stocks. Finally, a long-run relationship is identified, implying that transportation companies and the corresponding cryptocurrencies are positively and long-term related. The results important because they unveil a link between the transportation companies and the corresponding cryptocurrencies, with this link differing among these industries. This finding should be taken into account in the adoption of relevant technologies from the transportation field.