ArticlePloS one2021
Behavioral structure of users in cryptocurrency market.
Article in PloS one, 2021. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 3 papers.
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Who cites it
3 citing papers in PubMed.
- Artificial intelligence for algorithmic trading digital assets: evidence from the Counter-Strike 2 skin market.Frontiers in artificial intelligence · 2025Article
- Empirical investigation on how wellbeing-related infrastructure shapes economic growth: Evidence from the European Union regions.PloS one · 2023Article
- Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities.Entropy (Basel, Switzerland) · 2021Article
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Authors and funding
3 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
Human behavior as they engaged in financial activities is intimately connected to the observed market dynamics. Despite many existing theories and studies on the fundamental motivations of the behavior of humans in financial systems, there is still limited empirical deduction of the behavioral compositions of the financial agents from a detailed market analysis. Blockchain technology has provided an avenue for the latter investigation with its voluminous data and its transparency of financial transactions. It has enabled us to perform empirical inference on the behavioral patterns of users in the market, which we explore in the bitcoin and ethereum cryptocurrency markets. In our study, we first determine various properties of the bitcoin and ethereum users by a temporal complex network analysis. After which, we develop methodology by combining k-means clustering and Support Vector Machines to derive behavioral types of users in the two cryptocurrency markets. Interestingly, we found four distinct strategies that are common in both markets: optimists, pessimists, positive traders and negative traders. The composition of user behavior is remarkably different between the bitcoin and ethereum market during periods of local price fluctuations and large systemic events. We observe that bitcoin (ethereum) users tend to take a short-term (long-term) view of the market during the local events. For the large systemic events, ethereum (bitcoin) users are found to consistently display a greater sense of pessimism (optimism) towards the future of the market.
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Registered trials
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