ACTA

Criticality of Bitcoin Market

F. Chudzyński^a, Z. Struzik^{a, b}
^aUniversity of Warsaw, Krakowskie Przedmiescie 26/28, 00-927 Warsaw, Poland
^bThe University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-8656, Japan

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In this paper, we present an analysis of the non-Gaussianity of the Bitcoin market, in which we focus on the scale dependence of the variance λ² estimated by fitting the Castaing equation to the detrended price series. Our analysis showed scale invariance across a large range of scales in the years 2012–2019, which indicates that the Bitcoin market is in a critical state.

DOI:10.12693/APhysPolA.139.447
topics: criticality, invariancen, Bitcoin, non-gaussian