Behavioral finance emerged as a model that stimulated academic and scientific attention in a very short period of time. Through numerous empirical studies on how individual investors make decisions, certain irregularities emerged, observed by the literature as anomalies. With the development of modern technologies in the 21st century, great importance has been given to the cryptocurrency market, which is one of the youngest markets and is increasingly gaining worldwide popularity. Understanding high and fast declines or rises on the stock markets, has been difficult for economic analysts to understand for several years. The aim of this paper was to get an insight into the presence of herd behavior in the cryptocurrency market. From the considered research, there is evidence that investors often deviated from their own rational values and followed the consensus, i.e. the behavior of the majority. It has been observed that the herd sequence is most evident by the spread of negative information that can cause a negative yield. Nevertheless, based on this paper, it can be concluded that cryptocurrencies are a new area that has taken off and has a bright future.