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Evolutionary dynamics of the cryptocurrency market
dc.contributor.author | ElBahrawy, Abeer |
dc.contributor.author | Alessandretti, Laura |
dc.contributor.author | Kandler, Anne |
dc.contributor.author | Pastor Satorras, Romualdo |
dc.contributor.author | Baronchelli, Andrea |
dc.contributor.other | Universitat Politècnica de Catalunya. Departament de Física |
dc.date.accessioned | 2018-01-26T17:51:03Z |
dc.date.available | 2018-01-26T17:51:03Z |
dc.date.issued | 2017-11-15 |
dc.identifier.citation | ElBahrawy, 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.issn | 2054-5703 |
dc.identifier.uri | http://hdl.handle.net/2117/113281 |
dc.description.abstract | The 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.extent | 9 p. |
dc.language.iso | eng |
dc.rights | Attribution-NonCommercial-NoDerivs 3.0 Spain |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/3.0/es/ |
dc.subject | Àrees temàtiques de la UPC::Física |
dc.subject.lcsh | Bitcoin |
dc.subject.other | cryptocurrency market Bitcoin evolutionary modelling neutral model complex systems |
dc.title | Evolutionary dynamics of the cryptocurrency market |
dc.type | Article |
dc.subject.lemac | Bitcoin |
dc.contributor.group | Universitat Politècnica de Catalunya. SIMCON - First-principles approaches to condensed matter physics: quantum effects and complexity |
dc.identifier.doi | 10.1098/rsos.170623 |
dc.relation.publisherversion | http://rsos.royalsocietypublishing.org/content/4/11/170623 |
dc.rights.access | Open Access |
local.identifier.drac | 21682162 |
dc.description.version | Postprint (published version) |
local.citation.author | ElBahrawy, A.; Alessandretti, L.; Kandler, A.; Pastor-Satorras, R.; Baronchelli, A. |
local.citation.publicationName | Royal Society Open Science |
local.citation.volume | 4 |
local.citation.startingPage | 1 |
local.citation.endingPage | 9 |
dc.identifier.pmid | 29291057 |
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