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Demythifying the belief in cryptocurrencies decentralized aspects. A study of cryptocurrencies time cross-correlations with common currencies, commodities and financial indices

Seyed Alireza Manavi, Gholamreza Jafari, Shahin Rouhani and Marcel Ausloos ()

Physica A: Statistical Mechanics and its Applications, 2020, vol. 556, issue C

Abstract: The main question of this article is about whether cryptocurrencies, within their decentralization aspects, are a real commodity or/and a virtual currency. To resolve such a dilemma, we compare 7 cryptocurrencies with a sample of the three types of monetary systems: 28 fiat money, 2 commodities, 2 commodity based indices, and 3 financial market indices. We use the matrix correlation method. We display dendrograms and observe “hierarchy clustering”, as a function of data coarse graining.

Keywords: Cryptocurrencies; Fiat money; Commodities; Cross-correlations; Dendrograms; Hierarchical clustering (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:556:y:2020:i:c:s0378437120303836

DOI: 10.1016/j.physa.2020.124759

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Physica A: Statistical Mechanics and its Applications is currently edited by K. A. Dawson, J. O. Indekeu, H.E. Stanley and C. Tsallis

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