A Comparative Study Between the Brazilian Stock Market and Cryptocurrencies

Marjori Klinczak; Egon Wildauer

Marjori Klinczak UFPR, Unifatec-PR https://orcid.org/0009-0009-2028-8359
Egon Wildauer UFPR, Unifatec-PR https://orcid.org/0000-0003-2340-8984

Keywords: Bitcoin, Kolmogorov-Smirnov, Brazilian Stock Market, Cryptocurrencies

Abstract

The Brazilian Stock Market has been experiencing an increase in trading volume, and this shows an improvement in indices. This phenomenon is due to the adoption of Corporate Governance practices, improvement in institutional environments, and greater liquidity in national markets. In this scenario, blockchain technology has become popular in recent years, with various applications, ensuring transaction identification, authenticity, reliability, transparency, equity, and interoperability, along with the emergence of smart contracts. However, the most well-known cryptocurrency is Bitcoin, followed by Ethereum, which was the first to allow the use of smart contracts, and Solana, created in 2018, already holds the fourth position, with great expectations for future growth. The popularization of this asset class may represent an investment opportunity; on the other hand, there is research on its possible relationship with other markets and assets, such as gold, the dollar, or even the Dow Jones index. However, the literature on this subject lacks broader research regarding the Brazilian economy, which, being less stable than those markets known as strong, may present different results. This is the aim of the research to compare three cryptocurrencies (Bitcoin, Ethereum, and Solana) with the Brazilian stock market by means of the non-parametric statistical test Kolmogorov-Smirnov.

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