  This research is to assess cryptocurrencies with the conditional beta,
compared with prior studies based on unconditional beta or fixed beta. It is a
new approach to building a pricing model for cryptocurrencies. Therefore, we
expect that the use of conditional beta will increase the explanatory ability
of factors in previous pricing models. Besides, this research is also a pioneer
in placing the uncertainty factor in the cryptocurrency pricing model. Earlier
studies on cryptocurrency pricing have ignored this factor. However, it is a
significant factor in the valuation of cryptocurrencies because uncertainty
leads to investor sentiment and affects prices.
