ArticleRoyal Society open science2017
Evolutionary dynamics of the cryptocurrency market.
Article in Royal Society open science, 2017. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 17 papers.
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Who cites it
17 citing papers in PubMed.
- Article
- Cryptocurrency as a new method for participant compensation in research.Health policy and technology · 2023Article
- Circulation of a digital community currency.Scientific reports · 2023Article
- Modeling innovation in the cryptocurrency ecosystem.Scientific reports · 2022Article
- Testing macroecological theories in cryptocurrency market: neutral models cannot describe diversity patterns and their variation.Royal Society open science · 2022Article
- A Comparison on LSTM Deep Learning Method and Random Walk Model Used on Financial and Medical Applications: An Example in COVID-19 Development Prediction.Computational intelligence and neuroscience · 2022Article
- Mapping the NFT revolution: market trends, trade networks, and visual features.Scientific reports · 2021Article
- From code to market: Network of developers and correlated returns of cryptocurrencies.Science advances · 2020Article
- A model of the optimal selection of crypto assets.Royal Society open science · 2020Article
- Neutral syndrome.Nature human behaviour · 2020Review
- A percolation model for the emergence of the Bitcoin Lightning Network.Scientific reports · 2020Article
- Critical slowing down associated with critical transition and risk of collapse in crypto-currency.Royal Society open science · 2020Article
- Universal Cointegration and Its Applications.iScience · 2019Article
- Clustering patterns in efficiency and the coming-of-age of the cryptocurrency market.Scientific reports · 2019Article
- Classification of cryptocurrency coins and tokens by the dynamics of their market capitalizations.Royal Society open science · 2018Article
- Predicting altcoin returns using social media.PloS one · 2018Article
- Evolutionary dynamics of the cryptocurrency market.Royal Society open science · 2017Article
Corrections and comments
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Authors and funding
5 authors.
Funding
No grant is acknowledged in the PubMed record.
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.
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Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.