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dc.contributor.authorElBahrawy, Abeer
dc.contributor.authorAlessandretti, Laura
dc.contributor.authorKandler, Anne
dc.contributor.authorPastor Satorras, Romualdo
dc.contributor.authorBaronchelli, Andrea
dc.contributor.otherUniversitat Politècnica de Catalunya. Departament de Física
dc.date.accessioned2018-01-26T17:51:03Z
dc.date.available2018-01-26T17:51:03Z
dc.date.issued2017-11-15
dc.identifier.citationElBahrawy, A., Alessandretti, L., Kandler, A., Pastor-Satorras, R., Baronchelli, A. Evolutionary dynamics of the cryptocurrency market. "Royal Society Open Science", 15 Novembre 2017, vol. 4, p. 1-9.
dc.identifier.issn2054-5703
dc.identifier.urihttp://hdl.handle.net/2117/113281
dc.description.abstractThe cryptocurrency market surpassed the barrier of $100 billion market capitalization in June 2017, after months of steady growth. Despite its increasing relevance in the financial world, a comprehensive analysis of the whole system is still lacking, as most studies have focused exclusively on the behaviour of one (Bitcoin) or few cryptocurrencies. Here, we consider the history of the entire market and analyse the behaviour of 1469 cryptocurrencies introduced between April 2013 and May 2017. We reveal that, while new cryptocurrencies appear and disappear continuously and their market capitalization is increasing (super-)exponentially, several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, market share distribution and the turnover of cryptocurrencies. Adopting an ecological perspective, we show that the so-called neutral model of evolution is able to reproduce a number of key empirical observations, despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the properties of the cryptocurrency market and establish a first formal link between ecological modelling and the study of this growing system. We anticipate they will spark further research in this direction.
dc.format.extent9 p.
dc.language.isoeng
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Spain
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subjectÀrees temàtiques de la UPC::Física
dc.subject.lcshBitcoin
dc.subject.othercryptocurrency market Bitcoin evolutionary modelling neutral model complex systems
dc.titleEvolutionary dynamics of the cryptocurrency market
dc.typeArticle
dc.subject.lemacBitcoin
dc.contributor.groupUniversitat Politècnica de Catalunya. SIMCON - First-principles approaches to condensed matter physics: quantum effects and complexity
dc.identifier.doi10.1098/rsos.170623
dc.relation.publisherversionhttp://rsos.royalsocietypublishing.org/content/4/11/170623
dc.rights.accessOpen Access
local.identifier.drac21682162
dc.description.versionPostprint (published version)
local.citation.authorElBahrawy, A.; Alessandretti, L.; Kandler, A.; Pastor-Satorras, R.; Baronchelli, A.
local.citation.publicationNameRoyal Society Open Science
local.citation.volume4
local.citation.startingPage1
local.citation.endingPage9
dc.identifier.pmid29291057


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Except where otherwise noted, content on this work is licensed under a Creative Commons license : Attribution-NonCommercial-NoDerivs 3.0 Spain