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Financial Innovation

Table 2 Results of unit root tests for return values

From: Cryptocurrencies, gold, and WTI crude oil market efficiency: a dynamic analysis based on the adaptive market hypothesis

Test statistic

Bitcoin (BTC)

Ethereum (ETH)

Ripple (XRP)

Gold

WTI

ADFa

− 36.454*

− 34.545*

− 22.688*

− 32.371*

− 31.401*

PPb

− 36.484*

− 34.749*

− 38.301*

− 32.369*

− 31.417*

  1. *Significant at 1% level
  2. aAugmented Dickey–Fuller test statistics
  3. bPhillips–Perron test statistics
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