Exponentially decayed double power-law distribution of Bitcoin trade sizes

Mu-Yao Li, Qing Cai, Gao-Feng Gu and Wei-Xing Zhou

Physica A: Statistical Mechanics and its Applications, 2019, vol. 535, issue C

Abstract: Bitcoin is the most important cryptocurrency that leads the cryptocurrency market. The 776,629,356 Bitcoin trades from 3 January 2009 to 31 December 2017 are retrieved. It is found that the medium and large trade sizes comply with the exponentially decayed double power-law distribution. The tail exponent α1 of the medium trade sizes fluctuates in 2009, increases during the period from 2011 to 2014, and then converges to a stable level at α1=0.266±0.127. The tail exponent α2 of the large trade sizes fluctuates more and we have α2=1.752±1.688.

Keywords: Econophysics; Bitcoin; Cryptocurrency; Trade size; Probability distribution (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:535:y:2019:i:c:s037843711931369x

DOI: 10.1016/j.physa.2019.122380

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