The cryptocurrency market: A network analysis

Grau-Carles Pilar, Diego Jaureguizar Arellano, Carlos Jaureguizar Francés
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引用次数: 16

Abstract

In this paper we examine the characteristics of the daily price series of 16 different cryptocurrencies between July 2017 and February 2018. The methodologies used for the analysis are the so-called Minimum Spanning Tree (MST) and hierarchical analysis by dendrogram, both obtained from Pearson correlations between daily returns. This methodology visualizes the market relationships between the assets analyzed, identifying a high correlation between price movements for all the currencies. In addition, it has been possible to identify Ethereum’s position as a benchmark currency in the cryptocurrency market, rather than Bitcoin, as one might expect, due to its popularity and trading volume.
加密货币市场:网络分析
在本文中,我们研究了2017年7月至2018年2月期间16种不同加密货币的每日价格序列的特征。用于分析的方法是所谓的最小生成树(MST)和树状图的分层分析,两者都是从每日收益之间的皮尔逊相关性中获得的。这种方法可视化了所分析资产之间的市场关系,确定了所有货币价格变动之间的高度相关性。此外,由于其受欢迎程度和交易量,有可能确定以太坊作为加密货币市场基准货币的地位,而不是人们所期望的比特币。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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