This paper examines the underlying relationship between investor attention measured by Google Trends and the top twenty cryptocurrencies from April 2013 to April 2018. We show the bi-directional Granger causality between investor attention and cryptocurrencies (i.e., return and volatility), which is supported by linear and nonlinear Granger causality tests. The quantile regression indicates that the high investor attention is always associated with the positive return. In the overall regression analysis based on the hash algorithm, the investor’s attention can significantly predict the return and return volatility. These findings show that investor attention significantly predicts cryptocurrencies, which provide implications for cryptocurrency investors.

中文翻译：

---

投资者的关注和加密货币市场的定价

本文研究了Google趋势衡量的投资者关注度与2013年4月至2018年4月排名前20位的加密货币之间的潜在关系。我们显示了投资者关注度与加密货币（即回报和波动性）之间的双向Granger因果关系，这得到了以下方面的支持：线性和非线性格兰杰因果关系检验。分位数回归表明，投资者的高度关注总是与正回报相关。在基于哈希算法的整体回归分析中，投资者的注意力可以显着预测收益和收益波动率。这些发现表明，投资者的关注度显着预测了加密货币，这为加密货币投资者提供了启示。