Abstract
This paper investigates herding behavior in the cryptocurrency market, specifically comparing environmental, social, and governance (ESG)-designated assets and non-ESG assets. It addresses a research gap concerning investor behavior towards ESG and non-ESG cryptocurrencies. Our study reveals that investor herding behavior manifests in specific years and in response to significant events, such as El Salvador’s adoption of Bitcoin. Notably, the findings suggest the presence of intentional herding behavior in 2023 data for ESG and non-ESG cryptocurrencies. These insights offer valuable guidance for investors and policymakers seeking to mitigate risks and optimize portfolio allocation strategies.
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