Table 2.
Descriptive Statistics of volume changes.
| Cryptocurrency | Mean | Median | Maximum | Minimum | Std. Dev. | Skewness | Kurtosis | Jarque-Bera |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 0.004 | -0.010 | 0.988 | -0.860 | 0.233 | 0.288 | 4.589 | 147.9*** |
| Ethereum | 0.005 | -0.009 | 1.783 | -1.255 | 0.297 | 0.509 | 6.670 | 750.5*** |
| Tether | 0.008 | -0.012 | 1.943 | -1.294 | 0.306 | 0.688 | 6.716 | 812.5*** |
| Bitcoin Cash | 0.010 | -0.028 | 4.116 | -1.239 | 0.386 | 1.964 | 18.410 | 10,900.0*** |
| Bitcoin SV | 0.011 | -0.029 | 1.848 | -1.051 | 0.328 | 1.256 | 8.603 | 887.7*** |
| XRP | 0.007 | -0.023 | 2.322 | -1.963 | 0.454 | 0.646 | 5.476 | 403.5*** |
| Binance | 0.007 | -0.020 | 9.063 | -9.092 | 0.500 | 0.066 | 211.421 | 1,880,000.0*** |
| EOS | 0.005 | -0.023 | 3.159 | -1.067 | 0.329 | 1.606 | 13.936 | 5,743.5*** |
| Tezos | 0.005 | -0.005 | 1.660 | -1.723 | 0.385 | 0.174 | 5.179 | 196.4*** |
| Cardano | 0.001 | -0.028 | 1.801 | -1.366 | 0.413 | 0.468 | 4.328 | 106.7*** |
| Litecoin | 0.004 | -0.023 | 3.116 | -1.193 | 0.341 | 1.569 | 12.870 | 5,551.1*** |
| Stellar | 0.007 | -0.016 | 3.472 | -1.290 | 0.415 | 1.063 | 8.909 | 2,042.6*** |
Note: This table reports descriptive statistics of daily price changes and volume changes. Price changes and volume changes are the first-order differences of logarithmic prices and volume. Std. Dev. denotes standard deviation. Jarque-Bera denotes the Jarque-Beta test on normality. *** stands for scientific notation. a represents significance at the 1% level. For brevity, only the twelve largest cryptocurrencies by market capitalisation are presented. Further results are available from the authors upon request.