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Table 3 Johanson cointegration test results

From: Analysis on the influence factors of Bitcoin’s price based on VEC model

Unrestricted Cointegration Rank Test (Trace)

Hypothesized

 

Trace

0.05

 

No. of CE(s)

Eigenvalue

Statistic

Critical value

Prob.**

Nonea

0.621571

147.7871

83.93712

0.0000

At most 1a

0.520949

98.22902

60.06141

0.0000

At most 2a

0.491372

60.69565

40.17493

0.0001

At most 3a

0.276809

26.21774

24.27596

0.0281

At most 4

0.116945

9.689530

12.32090

0.1327

At most 5

0.063517

3.346801

4.129906

0.0798

  1. Trace test indicates 4 cointegrating eqn(s) at the 0.05 level
  2. adenotes rejection of the hypothesis at the 0.05 level
  3. **MacKinnon-Haug-Michelis (1999) p-values