Comportamiento de las principales criptomonedas entre 2019 a 2021: Análisis de precios y diseño de portafolios


  • Michael Demmler Universidad Autónoma de Querétaro

Palabras clave:

criptomonedas, pandemia COVID-19, análisis de rendimiento, análisis de portafolios


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.

Clasificación JEL: G11; G12; G15.


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Biografía del autor/a

Michael Demmler, Universidad Autónoma de Querétaro

Full-time professor of the Faculty of Accounting and Administration at the Autonomous University of Querétaro (FCA-UAQ), Querétaro, México. Email:


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Cómo citar

Demmler, M. (2023). Comportamiento de las principales criptomonedas entre 2019 a 2021: Análisis de precios y diseño de portafolios. Análisis Económico, 38(99), 145–165. Recuperado a partir de

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