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This study empirically examines interdependencies between BitCoin and altcoinmarkets in the short- and long-run. We apply time-series analytical mechanismsto daily data of 17 virtual currencies (BitCoin + 16 alternative virtualcurrencies) and two Altcoin price indices for the period 2013-2016. Ourempirical findings confirm that indeed BitCoin and Altcoin markets areinterdependent. The BitCoin-Altcoin price relationship is significantlystronger in the short-run than in the long-run. We cannot fully confirm thehypothesis that the BitCoin price relationship is stronger with those Altcoinsthat are more similar in their price formation mechanism to BitCoin. In thelong-run, macro-financial indicators determine the altcoin price formation to agreater degree than BitCoin does. The virtual currency supply is exogenous andtherefore plays only a limited role in the price formation.

Virtual Relationships: Short- and Long-run Evidence from BitCoin and Altcoin Markets