DYNAMIC GROWTH OF CRYPTOCURRENCIES: THE BLACK HOLE ANALOGY
DOI:
https://doi.org/10.25806/uu8-22021331-337Статья поступила в редакцию: 26.07.2021
Статья принята к публикации: 06.08.2021
Статья опубликована: 19.08.2021
Keywords:
Bitcoin, Cryptocurrencies, Econophysics, Negative specific heat, Thermodynamic disequilibrium.Abstract
This study aims to explore whether there is a mechanism that can describe the explosive growth of the number of traded cryptocurrencies and the cryptocurrency market, using an analogy between finance and astrophysics. In physics, the Schwarzschild radius indicates that black holes are constantly expanding due to their increasing mass. Enriching this analogy, we view the cryptocurrency market as a self-gravitating body whose mass is indicated by the number of traded cryptocurrencies and in terms of growth in market capitalization for a given number of traded cryptocurrencies. Analyzing weekly data of all traded cryptocurrencies from January 4, 2009, to June 14, 2020, we find evidence of the above mechanism. The results clearly indicate the self-gravitational property of the cryptocurrency market, which is a direct proof of the hypothesis that changes in traded cryptocurrencies are a positive function of the number of traded cryptocurrencies in the previous period.
Информация о публикации
Финансирование: Исследование выполнено без привлечения внешнего финансирования, если иное не указано авторами.
Вклад авторов: Все авторы внесли существенный вклад в подготовку статьи, ознакомились с окончательной версией рукописи и одобрили ее к публикации.
Конфликт интересов: Авторы заявляют об отсутствии конфликта интересов, если иное не указано в публикации.
Правообладатель: Издательский дом «Академический».
Лицензия: Статья распространяется на условиях лицензии Creative Commons Attribution 4.0 International (CC BY 4.0).
Машиночитаемый файл метаданных: JATS XML
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