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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