Krypto møter aksjer. En analyse av risiko og avkastning under Covid-19 pandemien.

This paper will examine the developments in risk and return in the cryptocurrency- and stock market from 2014 to 2022. The analysis compares the top six cryptocurrencies and the CCi30 index with the equity indexes S&P 500, Dow Jones and NASDAQ. To test whether there is a significant correlation between the various indices and the Covid-19 pandemic, three different measures of Covid-19 are included in the statistical tests. These are the number of infected, the number of vaccinated and the number of deceased in the period 2020- 2022. We conclude that both risk and return in the cryptocurrency market have increased during the pandemic. The stock market has had a greater growth in returns than the cryptocurrency market, while the cryptocurrency market had a greater growth in risk during the pandemic. We cannot conclude that this is due to the effect of Covid-19, because of the lack of significant correlations