Cryptocurrency is a phenomenon that is becoming more interesting and sought-after by investors. In this thesis we aim to answer which model has the best explanation for returns in cryptocurrency, and also how good of a measurement beta is depending on which model that is used. The models that are investigated are the Capital Asset Pricing Model, but also Fama and French’s three- and five factor models. Historical values are used from Bitcoin, Ethereum and the different factors in the models. We have analyzed data in the time period from 2015 to the first quarter of 2021, where we have used daily data. After investigation we found that the highest explanation of return can be found in the three factor model. Regarding beta as a measurement, we found that the beta coefficient in the Capital Asset Pricing Model has the lowest standard error and is the only coefficient that has a statistical significance for both Ethereum and Bitcoin.