Complex Systems Theory And Crashes Of Cryptocurrency Market

The paper focuses on the study of the effect of long memory and the analysis 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 each R/S evaluation and the Detrended Fluctuation Analysis being extra stable in the case of non-stationary time series. We also discovered that (i) time series became anti-persistent in the course of the periods of market place crisis phenomena and turbulence (ii) the Hurst exponents showed substantial fluctuations about the value of .5. In addition, we conduct a multifractal evaluation of cryptocurrency time series that allows us to assess the state and stability of the marketplace.The calculated spectrum of multifractality shows that the cryptocurrency industry comes out of a crisis state, since the width of the multifractality spectrum has the maximum value for all cryptocurrencies. Our outcomes show that time series of cryptocurrencies to be persistent during nearly the whole study period that do not permit accepting the hypothesis concerning the efficiency of the cryptocurrency industry.

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