Cryptocurrency markets are emerging markets developed in accordance with the development of information technologies and they represent the sum of supply and demand for cryptocurrencies. The entire market is based on blockchain technology, which is a function of the business activity of mostly newly founded (start-up) companies. Small investors, individuals and households stand out to the greatest extent as active users (entities on the market). The purpose of this study is to investigate the influence of several behavioral factors on investment decisions and intentions of future investment in cryptocurrencies. In the theoretical part of the paper, the main features related to the markets and investors are described. Price fluctuations on the market are explained not only by the fact that it is an emerging market, but also by a number of other variables such as: economic policy uncertainty, market yields, volatility and trading volume. Nevertheless, the most important factor for the resulting turbulence of cryptocurrencies can be explained by the theory of behavioral finance, more precisely the herding behavior of individual investors. In their decision-making process, investors can be guided by the illusion of control, which is attributed to the concept of cognitive abilities explained through the theory of behavioral finance. This means that in reality, investors overestimate their decision-making abilities and underestimate the risk involved in investing in cryptocurrencies. A short survey was conducted through an online questionnaire. 76 investors from the cryptocurrency market participated in the survey, representing a representative sample subject to the quantitative methods of descriptive statistics and regression analysis used in this paper. The results of the regression analysis indicate the fact that heuristic factors have a strong influence on the behavior of investors on the cryptocurrency market. Acceptance of this hypothesis leads to the conclusion that there is a higher level of use of heuristics, which leads to a higher intention to invest in cryptocurrencies in the future. Furthermore, the findings of this work revealed a strong opposition to the traditional financial theory, which once again proved to be inadequate and inapplicable in the case of investor behavior in a financial market.