This study analyses and compares the behavior of the gold-backed, conventional
cryptocurrency, and gold markets capable of detecting the existence of herding and
deducing the efficiency degree. In addition, this empirical work tried to examine the COVID-
19 pandemic's influence on both cryptocurrency performances. This work developed a new
method that discloses herding biases using persistence and efficiency metrics. Besides, this
paper investigated the nonlinear dynamic properties of the gold-backed, conventional …