Demythifying the belief in cryptocurrencies decentralized aspects. A study of cryptocurrencies time cross-correlations with common currencies, commodities and financial indices
Seyed Alireza Manavi,
Shahin Rouhani and
Marcel Ausloos ()
Physica A: Statistical Mechanics and its Applications, 2020, vol. 556, issue C
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)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:556:y:2020:i:c:s0378437120303836
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