<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552023000300145</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2023v38n99/demmler</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Leading Cryptocurrencies Between 2019 and 2021: Analysis of Market Prices and Portfolio Design]]></article-title>
<article-title xml:lang="es"><![CDATA[Comportamiento de las principales criptomonedas entre 2019 a 2021: Análisis de precios y diseño de portafolios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Demmler]]></surname>
<given-names><![CDATA[Michael]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Querétaro Faculty of Accounting and Administration ]]></institution>
<addr-line><![CDATA[Querétaro ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>38</volume>
<numero>99</numero>
<fpage>145</fpage>
<lpage>165</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552023000300145&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552023000300145&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552023000300145&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study explores the financial performance of cryptocurrencies during the COVID-19 pandemic. In particular, the research objective is to compare the market price movements of the leading cryptocurrencies Bitcoin, Ethereum, BNB and XRP before and during the COVID-19 pandemic based on a longitudinal, exploratory, and quantitative research design which is centered on the analysis of the statistical moments of logarithmic return distributions, tests for structural changes combined with stationarity tests and portfolio optimization strategies. Results of the analysis show a clear change of the medium- to long-term return behavior of the analyzed cryptocurrencies during the pandemic, although not immediately after the pandemic announcement of the WHO in March 2020. Especially Bitcoin, BNB and Ethereum show comparable and even more favorable return characteristics in most samples compared to traditional investment alternatives. Furthermore, the diversification potential of cryptocurrency portfolios appears to be quite limited.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El estudio explora el comportamiento de las criptomonedas durante la pandemia de COVID-19. En particular, el objetivo de investigación es comparar los comportamientos de los precios de las criptomonedas Bitcoin, Ethereum, BNB y XRP antes y durante la pandemia usando un diseño longitudinal, exploratorio y cuantitativo centrado en el análisis descriptivo de las distribuciones de retornos logarítmicos, pruebas de cambios estructurales combinados con pruebas de estacionariedad y optimización de portafolios. Los resultados muestran un cambio en el comportamiento de las criptomonedas a medio y largo plazo durante la pandemia, aunque no inmediatamente después del anuncio de la pandemia por la OMS en marzo de 2020. Además, especialmente Bitcoin, BNB y Ethereum muestran características comparables en sus rendimientos e incluso más favorables en la mayoría de los periodos analizados en comparación con alternativas tradicionales de inversión. Además, el potencial de diversificación al momento de formar portafolios de criptomonedas es limitado.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[cryptocurrency]]></kwd>
<kwd lng="en"><![CDATA[COVID-19 pandemic]]></kwd>
<kwd lng="en"><![CDATA[return analysis]]></kwd>
<kwd lng="en"><![CDATA[portfolio analysis]]></kwd>
<kwd lng="es"><![CDATA[criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[pandemia COVID-19]]></kwd>
<kwd lng="es"><![CDATA[análisis de rendimiento]]></kwd>
<kwd lng="es"><![CDATA[análisis de portafolios]]></kwd>
</kwd-group>
</article-meta>
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