Before revision: This study examines whether the market efficiencies of major cryptocurrencies (e.g., Bitcoin , Ethereum, and Ripple) change over time based on the adaptive market hypothesis (AMH) of Lo (2004) .
After revision: This study examines whether the market efficiencies of major cryptocurrencies (e.g., Bitcoin , Ethereum, and Ripple) change over time based on Lo's (2004) adaptive market hypothesis (AMH) of Lo (2004) .