Complex Systems Theory And Crashes Of Cryptocurrency Market

The paper focuses on the study of the effect of extended memory and the evaluation of the multifractal properties of the time series of the most capitalized cryptocurrencies for the period from 2010 to 2018. To do this, the Hurst exponent is calculated by both R/S evaluation and the Detrended Fluctuation Analysis being extra stable in the case of non-stationary time series. We also found that (i) time series became anti-persistent through the periods of market crisis phenomena and turbulence (ii) the Hurst exponents showed considerable fluctuations about the value of .5. In addition, we conduct a multifractal evaluation of cryptocurrency time series that permits us to assess the state and stability of the market.The calculated spectrum of multifractality shows that the cryptocurrency market comes out of a crisis state, considering that the width of the multifractality spectrum has the maximum worth for all cryptocurrencies. Our benefits show that time series of cryptocurrencies to be persistent during almost the entire study period that do not permit accepting the hypothesis concerning the efficiency of the cryptocurrency industry.

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