The main purpose of this study is to provide up-to-date findings on whether cryptocurrencies have become an alternative investment instrument.

For this purpose, we will conduct analysis over the sample include stock exchanges of the countries that recognize cryptocurrencies as legal instrument. The relationship between stock exchanges and six cryptocurrencies, which have the longest data set and have the highest transaction volume, in terms of price movements, returns, transaction volumes will be examined.

Panel data analysis will be performedin this study through the E-views and Gauss program. First, the stationarity levels of the series will be measured by unit root test. Then, regression and causality analysis will be done and the results will be interpreted.Since the financial markets are largely integrated with each other today, the interaction between the financial products subject to analysis will be taken into consideration by using the next generation analysis methods operating under the cross-section dependency within the scope of panel data analysis.Thanks to this method, it will be possible to produce both valid results for the whole panel as well as individual results for countries and cryptocurrencies.

In addition, according to the statement made by the Block chainist Center, cryptocurrency has recently been perceived as digital gold and move in line with gold.In this study, by examining the existence of cointegration and causality relationships between each cryptocurrency and gold prices, it will be analyzed whether the changes in gold prices have an impact on the cryptocurrencies.If such a relationship can be detected as a result of the study, it will be emphasized whether gold prices will be a leading indicator for cryptocurrencies. In addition to this analysis, it will be revealed which cryptocurrency are more sensitive to gold prices.

Keywords: Cryptocurrencies, Panel data, Unit root, Causality, Gold, Foreign exchange rates, Oil