The cryptocurrency market has reached a record of %DIFDELCMD < \54 %%% billion in \91  2017  after months of steady growth. However, a comprehensive analysis of the whole system has been lackingso far, since most studies have focused on the behaviour of one (Bitcoin) or few cryptocurrencies. Here  we consider the  entire market and analyse the behaviour of \sim 1, 500 cryptocurrencies introduced since April 2013. We reveal that, while new cryptocurrencies appear and disappear continuously and the market share of Bitcoin has been constantly decreasing , several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, the market share distribution and the turnover of cryptocurrencies. Finally, we adopt an ecological perspective and show that the so-called 'neutral model ' of evolution , despite its simplicity, reproduces a number of key empirical observations . We anticipate that our results will be of interest to researchers interested in the study and modelling of the structural properties of the cryptocurrency market  .
The cryptocurrency market has reached a record of %DIFDELCMD < \54 %%% \91 billion market capitalization in May 2017 , after months of steady growth. Despite its increasing relevance in the financial world, however, a comprehensive analysis of the whole system is still lacking, as most studies have focused exclusively on the behavior of one (Bitcoin) or few cryptocurrencies. Here , we consider the history of the entire market and analyze the behavior of 1, 469 cryptocurrencies introduced since April 2013. We reveal that, while new cryptocurrencies appear and disappear continuously and their market capitalization is increasing exponentially , several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, the market share distribution and the turnover of cryptocurrencies. Adopting an ecological perspective , we show that the so-called neutral model of evolution is able to reproduce a number of key empirical observations , despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the properties of the cryptocurrency market and establish a first formal link between ecological modeling and the study of this growing system. We anticipate they will spark further research in this direction .
D
billion in
A
billion market capitalization in May
A
,
R
However,
Despite its increasing relevance in the financial world, however,
R
has been lackingso far, since
is still lacking, as
R
on the behaviour
exclusively on the behavior
A
,
A
history of the
R
analyse the behaviour of \sim
analyze the behavior of
R
500
469
R
the market share of Bitcoin has been constantly decreasing
their market capitalization is increasing exponentially
R
Finally, we adopt
Adopting
R
and
, we
R
'neutral model ' of evolution , despite its simplicity, reproduces
neutral model of evolution is able to reproduce
R
. We anticipate that our results will be of interest to researchers interested in the study and modelling of the structural
, despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the
A
and establish a first formal link between ecological modeling and the study of this growing system. We anticipate they will spark further research in this direction