main aim of the paper is to contribute to the discussion of cryptocurrency
pricing through asset pricing models. The paper develops multi-factor models
for the cryptocurrency valuation and discusses the elements of these models
based on the literature review of scholarly articles, books, and scientiﬁc
databases. We further developed the models from unit factor to five factors in
order to observe whether the development is achieved by adding new factors into
the model. Consequently, we pointed out the most influential factor that
determines the value of cryptocurrencies.