ArticleEntropy (Basel, Switzerland)2021
The Impact of the COVID-19 Pandemic on the Unpredictable Dynamics of the Cryptocurrency Market.
Article in Entropy (Basel, Switzerland), 2021. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 7 papers.
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Who cites it
7 citing papers in PubMed.
- Informational Content of the VIX Index: Dynamic Entropy Approach.Entropy (Basel, Switzerland) · 2026Article
- Information Theory Quantifiers in Cryptocurrency Time Series Analysis.Entropy (Basel, Switzerland) · 2025Article
- Exploring COVID-19 Phobia among International Chinese College Students in South Korea Before Ending COVID-19 Restrictions.BMC psychology · 2024Article
- Symbolic Encoding Methods with Entropy-Based Applications to Financial Time Series Analyses.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
- Observing Cryptocurrencies through Robust Anomaly Scores.Entropy (Basel, Switzerland) · 2022Article
- Regularity in Stock Market Indices within Turbulence Periods: The Sample Entropy Approach.Entropy (Basel, Switzerland) · 2022Article
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2 authors.
Funding
Abstract
The global economy is under great shock again in 2020 due to the COVID-19 pandemic; it has not been long since the global financial crisis in 2008. Therefore, we investigate the evolution of the complexity of the cryptocurrency market and analyze the characteristics from the past bull market in 2017 to the present the COVID-19 pandemic. To confirm the evolutionary complexity of the cryptocurrency market, three general complexity analyses based on nonlinear measures were used: approximate entropy (ApEn), sample entropy (SampEn), and Lempel-Ziv complexity (LZ). We analyzed the market complexity/unpredictability for 43 cryptocurrency prices that have been trading until recently. In addition, three non-parametric tests suitable for non-normal distribution comparison were used to cross-check quantitatively. Finally, using the sliding time window analysis, we observed the change in the complexity of the cryptocurrency market according to events such as the COVID-19 pandemic and vaccination. This study is the first to confirm the complexity/unpredictability of the cryptocurrency market from the bull market to the COVID-19 pandemic outbreak. We find that ApEn, SampEn, and LZ complexity metrics of all markets could not generalize the COVID-19 effect of the complexity due to different patterns. However, market unpredictability is increasing by the ongoing health crisis.
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