The research aims to analyze the movement of cryptocurrency prices over time and ultimately with the values of financial indicators in various exchanges to determine whether modern digital currencies can represent an alternative investment in financial markets or not, especially due to their low management costs and information confidentiality, which still offers more profit for some investors. Hypotheses: The research is based on two main hypotheses: (1) There is no statistically significant relationship between the fluctuations of cryptocurrency prices and the indicators of securities. (2) Digital stocks cannot be considered an alternative investment in the stock markets. Theory: The statistical study was conducted during the period from January 1, 2010, to July 15, 2022, applying to the indicators of sixteen countries in the MENA region (North Africa and Côte d'Ivoire) in addition to three global indicators represented by NASDAQ, Dow Jones, and Standard & Poor's. This was done to represent these indicators in financial markets, relying on the ten most active cryptocurrencies in terms of trading volume at the time of the research. Correlation analysis was conducted using the statistical software STATA. Results: The research concluded that there is a relationship between the different financial indicators and the indicators of the local stock exchange, where the movement of digital knowledge influences the movement of cryptocurrency prices, in addition to analyzing the rubber band effects of the sample specimens and the diversity of specializations more than digital currencies, which negates the possibility of digital currencies starting as an alternative investment in financial markets, but rather they are new forms of electronic investment. Keywords: digital currencies, financial markets, alternative investments.
