Complex Systems Theory And Crashes Of Cryptocurrency Market

The paper focuses on the study of the effect of lengthy 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 becoming a lot more stable in the case of non-stationary time series. We also found that (i) time series became anti-persistent during the periods of industry 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 enables us to assess the state and stability of the market.The calculated spectrum of multifractality shows that the cryptocurrency marketplace comes out of a crisis state, considering the fact that the width of the multifractality spectrum has the maximum value for all cryptocurrencies. Our outcomes show that time series of cryptocurrencies to be persistent through just about the complete study period that do not let accepting the hypothesis concerning the efficiency of the cryptocurrency market.

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