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Testing macroecological theories in cryptocurrency market: neutral models cannot describe diversity patterns and
Edgardo Brigatti1, Estevan Augusto Amazonas Mendes1
1Instituto de Física, Universidade Federal do Rio de Janeiro, Av. Athos da Silveira Ramos 149, Cidade Universitária, 21941-972 Rio de Janeiro, Brazil.
Royal Society Open Science
|April 15, 2022
Summary
Cryptocurrency markets exhibit ecological diversity patterns, challenging neutral models. Analysis reveals non-weak interactions and mutualistic relationships, suggesting complex market dynamics beyond simple neutrality.
Area of Science:
- Ecology
- Financial Markets
- Computational Finance
Background:
- Ecological theories, particularly neutral models, are widely used to understand biodiversity.
- Non-biological systems offer novel contexts for testing ecological principles.
Purpose of the Study:
- To analyze the cryptocurrency market using ecological concepts.
- To investigate cryptocurrency diversity patterns and market structure.
- To test the applicability of neutral models in financial systems.
Main Methods:
- Applied ecological methods to analyze cryptocurrency abundance distribution and community structure.
- Examined temporal changes in market composition.
- Investigated interspecific and intraspecific interdependencies within the market.
Main Results:
- Cryptocurrency market diversity patterns show strong analogies with ecological systems.
- Statistical patterns are inconsistent with ecological neutrality.
- Increased temporal changes in composition with market growth suggest strong interactions.
- Evidence of a market sector with mutualistic relationships was found.
Conclusions:
- The cryptocurrency market's dynamics challenge the hypothesis of weakly interacting species central to neutral models.
- Ecological frameworks can effectively characterize complex financial markets.
- Non-biological systems can serve as valuable platforms for ecological theory testing.
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