ArticleEntropy (Basel, Switzerland)2020
Complexity in Economic and Social Systems: Cryptocurrency Market at around COVID-19.
Article in Entropy (Basel, Switzerland), 2020. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 21 papers.
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Who cites it
21 citing papers in PubMed.
- Detecting Unusual Trading Patterns on Cryptocurrency Exchanges by Means of Complexity Measures.Entropy (Basel, Switzerland) · 2026Article
- Modeling and Generating Extreme Fluctuations in Time Series with a Multilayer Linear Response Model.Entropy (Basel, Switzerland) · 2025Article
- Information Theory Quantifiers in Cryptocurrency Time Series Analysis.Entropy (Basel, Switzerland) · 2025Article
- Article
- Study on the Stability of Complex Networks in the Stock Markets of Key Industries in China.Entropy (Basel, Switzerland) · 2024Article
- The Impact of COVID-19 on Weak-Form Efficiency in Cryptocurrency and Forex Markets.Entropy (Basel, Switzerland) · 2023Article
- Collective Dynamics, Diversification and Optimal Portfolio Construction for Cryptocurrencies.Entropy (Basel, Switzerland) · 2023Article
- What Is Mature and What Is Still Emerging in the Cryptocurrency Market?Entropy (Basel, Switzerland) · 2023Article
- Role of vaccine in fighting the variants of COVID-19.Chaos, solitons, and fractals · 2023Article
- Cryptocurrencies Are Becoming Part of the World Global Financial Market.Entropy (Basel, Switzerland) · 2023Article
- Investigating Dynamical Complexity and Fractal Characteristics of Bitcoin/US Dollar and Euro/US Dollar Exchange Rates around the COVID-19 Outbreak.Entropy (Basel, Switzerland) · 2023Article
- COVID-19 Effects on the Relationship between Cryptocurrencies: Can It Be Contagion? Insights from Econophysics Approaches.Entropy (Basel, Switzerland) · 2023Article
- The Cryptocurrency Market in Transition before and after COVID-19: An Opportunity for Investors?Entropy (Basel, Switzerland) · 2022Article
- Is Bitcoin's Carbon Footprint Persistent? Multifractal Evidence and Policy Implications.Entropy (Basel, Switzerland) · 2022Article
- Herding intensity and volatility in cryptocurrency markets during the COVID-19.Finance research letters · 2022Article
- Cryptocurrency Market Consolidation in 2020-2021.Entropy (Basel, Switzerland) · 2021Article
- Financial Return Distributions: Past, Present, and COVID-19.Entropy (Basel, Switzerland) · 2021Article
- Dynamics, behaviours, and anomaly persistence in cryptocurrencies and equities surrounding COVID-19.Physica A · 2021Article
- Complexity in Economic and Social Systems.Entropy (Basel, Switzerland) · 2021Article
- Breakpoint Analysis for the COVID-19 Pandemic and Its Effect on the Stock Markets.Entropy (Basel, Switzerland) · 2021Article
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5 authors.
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No grant is acknowledged in the PubMed record.
Abstract
Social systems are characterized by an enormous network of connections and factors that can influence the structure and dynamics of these systems. Among them the whole economical sphere of human activity seems to be the most interrelated and complex. All financial markets, including the youngest one, the cryptocurrency market, belong to this sphere. The complexity of the cryptocurrency market can be studied from different perspectives. First, the dynamics of the cryptocurrency exchange rates to other cryptocurrencies and fiat currencies can be studied and quantified by means of multifractal formalism. Second, coupling and decoupling of the cryptocurrencies and the conventional assets can be investigated with the advanced cross-correlation analyses based on fractal analysis. Third, an internal structure of the cryptocurrency market can also be a subject of analysis that exploits, for example, a network representation of the market. In this work, we approach the subject from all three perspectives based on data from a recent time interval between January 2019 and June 2020. This period includes the peculiar time of the Covid-19 pandemic; therefore, we pay particular attention to this event and investigate how strong its impact on the structure and dynamics of the market was. Besides, the studied data covers a few other significant events like double bull and bear phases in 2019. We show that, throughout the considered interval, the exchange rate returns were multifractal with intermittent signatures of bifractality that can be associated with the most volatile periods of the market dynamics like a bull market onset in April 2019 and the Covid-19 outburst in March 2020. The topology of a minimal spanning tree representation of the market also used to alter during these events from a distributed type without any dominant node to a highly centralized type with a dominating hub of USDT. However, the MST topology during the pandemic differs in some details from other volatile periods.
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