Summary statistics of all variables in the study
| N | Mean | Median | Min | Max | StdDev | Skew | Kurtosis | |
|---|---|---|---|---|---|---|---|---|
| Cryptocurrency price ($ USD) | ||||||||
| Litecoin | 1,654 | $41.04 | $23.29 | $1.16 | $358.34 | $52.02 | ||
| Bitcoin | 1,654 | $3822.83 | $1221.94 | $178.10 | $19497.40 | $3971.55 | ||
| Ethereum | 1,244 | $204.46 | $169.93 | $0.43 | $1366.77 | $228.89 | ||
| XRP | 1,243 | $0.26 | $0.22 | $− | $3.38 | $0.33 | ||
| Chainlink | 709 | $1.47 | $0.56 | $0.15 | $8.64 | $1.52 | ||
| Cardano | 702 | $0.12 | $0.07 | $0.02 | $1.08 | $0.15 | ||
| Cryptocurrency daiy transaction volume ($USD, billions) | ||||||||
| Litecoin | 1,654 | 0.84 | 0.06 | – | 6.96 | 1.43 | ||
| Bitcoin | 1,654 | 6.51 | 0.34 | 0.003 | 63.33 | 10.72 | ||
| Ethereum | 1,244 | 3.54 | 1.49 | – | 26.51 | 4.94 | ||
| XRP | 1,243 | 0.68 | 0.27 | – | 9.42 | 0.93 | ||
| Chainlink | 709 | 0.10 | 0.01 | – | 1.48 | 0.18 | ||
| Cardano | 702 | 0.13 | 0.08 | 0.002 | 1.71 | 0.18 | ||
| Cryptocurrency five-day volatility of daily returns | ||||||||
| Litecoin | 1,654 | 11.6% | 9.1% | 0.0% | 54.3% | 9.0% | ||
| Bitcoin | 1,654 | 8.5% | 6.9% | 0.5% | 43.4% | 6.1% | ||
| Ethereum | 1,244 | 13.2% | 11.4% | 0.7% | 62.8% | 8.7% | ||
| XRP | 1,243 | 11.8% | 8.8% | 0.1% | 147.3% | 12.8% | ||
| Chainlink | 709 | 17.4% | 13.5% | 1.4% | 92.6% | 12.8% | ||
| Cardano | 702 | 15.3% | 12.1% | 1.2% | 109.0% | 13.3% | ||
| Cryptocurrency (Daily returns) | ||||||||
| Litecoin | 1,653 | 0.04% | −0.11% | −37.53% | 49.59% | 6.64% | 0.93 | 12.79 |
| Bitcoin | 1,653 | 0.16% | 0.12% | −41.96% | 21.19% | 4.71% | (0.64) | 10.75 |
| Ethereum | 1,243 | 0.41% | −0.11% | −48.22% | 34.21% | 7.13% | 0.10 | 8.41 |
| XRP | 1,242 | 0.26% | −0.36% | −61.63% | 102.74% | 8.06% | 2.44 | 37.36 |
| Chainlink | 708 | 0.52% | −0.05% | −57.94% | 84.14% | 9.78% | 1.16 | 15.03 |
| Cardano | 701 | 0.26% | −0.25% | −42.16% | 110.31% | 9.39% | 3.72 | 41.67 |
| Financial asset classes (daily returns) | ||||||||
| S&P500 | 1,654 | 0.034% | 0.058% | −12.765% | 8.968% | 1.129% | (1.06) | 25.94 |
| MSCI World | 1,654 | 0.020% | 0.062% | −10.280% | 8.351% | 0.964% | (1.56) | 27.88 |
| MSCI EM | 1,654 | 0.005% | 0.034% | −7.321% | 5.810% | 0.980% | (0.75) | 8.97 |
| 3M T-Bill | 1,653 | 0.002% | 0.001% | 0.000% | 0.007% | 0.002% | 0.56 | 1.74 |
| 10Y T-Bond | 1,653 | 0.006% | 0.006% | 0.002% | 0.009% | 0.002% | (0.87) | 3.88 |
| 30Y T-Bond | 1,653 | 0.008% | 0.008% | 0.003% | 0.011% | 0.001% | (1.04) | 4.35 |
| Gold | 1,654 | 0.027% | 0.000% | −5.152% | 5.133% | 0.856% | 0.10 | 6.72 |
| VIX index | ||||||||
| VIX index | 1,654 | 16.45 | 14.2 | 9.14 | 82.69 | 7.66 | ||
| Mean | Median | Min | Max | StdDev | Skew | Kurtosis | ||
|---|---|---|---|---|---|---|---|---|
| Litecoin | 1,654 | $41.04 | $23.29 | $1.16 | $358.34 | $52.02 | ||
| Bitcoin | 1,654 | $3822.83 | $1221.94 | $178.10 | $19497.40 | $3971.55 | ||
| Ethereum | 1,244 | $204.46 | $169.93 | $0.43 | $1366.77 | $228.89 | ||
| XRP | 1,243 | $0.26 | $0.22 | $− | $3.38 | $0.33 | ||
| Chainlink | 709 | $1.47 | $0.56 | $0.15 | $8.64 | $1.52 | ||
| Cardano | 702 | $0.12 | $0.07 | $0.02 | $1.08 | $0.15 | ||
| Litecoin | 1,654 | 0.84 | 0.06 | – | 6.96 | 1.43 | ||
| Bitcoin | 1,654 | 6.51 | 0.34 | 0.003 | 63.33 | 10.72 | ||
| Ethereum | 1,244 | 3.54 | 1.49 | – | 26.51 | 4.94 | ||
| XRP | 1,243 | 0.68 | 0.27 | – | 9.42 | 0.93 | ||
| Chainlink | 709 | 0.10 | 0.01 | – | 1.48 | 0.18 | ||
| Cardano | 702 | 0.13 | 0.08 | 0.002 | 1.71 | 0.18 | ||
| Litecoin | 1,654 | 11.6% | 9.1% | 0.0% | 54.3% | 9.0% | ||
| Bitcoin | 1,654 | 8.5% | 6.9% | 0.5% | 43.4% | 6.1% | ||
| Ethereum | 1,244 | 13.2% | 11.4% | 0.7% | 62.8% | 8.7% | ||
| XRP | 1,243 | 11.8% | 8.8% | 0.1% | 147.3% | 12.8% | ||
| Chainlink | 709 | 17.4% | 13.5% | 1.4% | 92.6% | 12.8% | ||
| Cardano | 702 | 15.3% | 12.1% | 1.2% | 109.0% | 13.3% | ||
| Litecoin | 1,653 | 0.04% | −0.11% | −37.53% | 49.59% | 6.64% | 0.93 | 12.79 |
| Bitcoin | 1,653 | 0.16% | 0.12% | −41.96% | 21.19% | 4.71% | (0.64) | 10.75 |
| Ethereum | 1,243 | 0.41% | −0.11% | −48.22% | 34.21% | 7.13% | 0.10 | 8.41 |
| XRP | 1,242 | 0.26% | −0.36% | −61.63% | 102.74% | 8.06% | 2.44 | 37.36 |
| Chainlink | 708 | 0.52% | −0.05% | −57.94% | 84.14% | 9.78% | 1.16 | 15.03 |
| Cardano | 701 | 0.26% | −0.25% | −42.16% | 110.31% | 9.39% | 3.72 | 41.67 |
| S&P500 | 1,654 | 0.034% | 0.058% | −12.765% | 8.968% | 1.129% | (1.06) | 25.94 |
| MSCI World | 1,654 | 0.020% | 0.062% | −10.280% | 8.351% | 0.964% | (1.56) | 27.88 |
| MSCI EM | 1,654 | 0.005% | 0.034% | −7.321% | 5.810% | 0.980% | (0.75) | 8.97 |
| 3M T-Bill | 1,653 | 0.002% | 0.001% | 0.000% | 0.007% | 0.002% | 0.56 | 1.74 |
| 10Y T-Bond | 1,653 | 0.006% | 0.006% | 0.002% | 0.009% | 0.002% | (0.87) | 3.88 |
| 30Y T-Bond | 1,653 | 0.008% | 0.008% | 0.003% | 0.011% | 0.001% | (1.04) | 4.35 |
| Gold | 1,654 | 0.027% | 0.000% | −5.152% | 5.133% | 0.856% | 0.10 | 6.72 |
| VIX index | 1,654 | 16.45 | 14.2 | 9.14 | 82.69 | 7.66 | ||
Note(s): The first four panels in this table show cryptocurrency price, return, daily volume and five-day volatility. The last panel shows other financial asset classes in the study (i.e. stocks, bonds, gold and VIX)
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