Fundamental and speculative components of the cryptocurrency pricing dynamics

Financial Innovation

Table 4 Descriptive statistics of the BTC final sample

Statistic	Mean	SD	Min	Max	Skew	Kurt	ADF	KPSS	J-B
Returns	0.002	0.04	− 0.47	0.23	− 0.77	11.69	≤ 0.01	≥ 0.10	≤ 0.001
\(\widehat{\sigma }\)	0.03	0.02	0.00	0.24	2.67	12.04	≤ 0.01	≤ 0.01	≤ 0.001
Addresses	0.00	1.00	− 4.73	3.81	0.28	0.84	≤ 0.01	≥ 0.10	≤ 0.001
Fees	0.00	1.00	− 12.48	10.55	1.29	40.68	≤ 0.01	≥ 0.10	≤ 0.001
Hashrate	0.00	1.00	− 8.06	5.08	0.02	5.54	≤ 0.01	≥ 0.10	≤ 0.001
Inflation	0.00	1.00	− 5.13	5.94	0.21	2.98	≤ 0.01	≥ 0.10	≤ 0.001
Velocity	0.00	1.00	− 5.93	5.32	− 0.64	4.69	≤ 0.01	≥ 0.10	≤ 0.001
SP500	0.00	1.00	− 8.26	7.48	− 0.61	12.89	≤ 0.01	≥ 0.10	≤ 0.001
USDEUR	0.00	1.00	− 8.47	8.54	− 0.11	11.22	≤ 0.01	≥ 0.10	≤ 0.001
VIX	0.00	1.00	− 10.19	14.36	3.34	50.46	≤ 0.01	≥ 0.10	≤ 0.001
Volume	0.00	1.00	− 27.59	26.81	− 0.76	493.36	≤ 0.01	≥ 0.10	≤ 0.001
ExchangeRatio	0.00	1.00	− 10.96	9.10	− 0.62	23.41	≤ 0.01	≥ 0.10	≤ 0.001
GoogleMarket	0.00	1.00	− 12.47	18.26	2.23	78.44	≤ 0.01	≥ 0.10	≤ 0.001
GoogleCurrency	0.00	1.00	− 14.85	28.65	9.37	333.49	≤ 0.01	≥ 0.10	≤ 0.001
Wiki	0.00	1.00	− 16.91	19.77	3.47	146.57	≤ 0.01	≥ 0.10	≤ 0.001