Table 1 Descriptive statistics, unit root, and residual diagnostic test
From: The implication of cryptocurrency volatility on five largest African financial system stability
| Â | DBTC | DETH | DXRP | DNIGERIA | DSAFRICA | DEGYPT | DKENYA | DMOROCCO |
|---|---|---|---|---|---|---|---|---|
Mean | 0.00192 | 0.00298 | 0.00083 | 0.00030 | 0.00038 | 0.00023 | 0.00018 | 0.00007 |
Median | 0.00147 | 0.00194 | 0.00045 | 0.00064 |  − 0.00004 | 0.00023 | 0.00031 | 0.00011 |
Maximum | 0.17742 | 0.23077 | 0.44899 | 0.09057 | 0.06048 | 0.03812 | 0.23653 | 0.05305 |
Minimum |  − 0.49728 |  − 0.58964 |  − 0.54102 |  − 0.10450 |  − 0.05033 |  − 0.05672 |  − 0.09477 |  − 0.09232 |
Std. Dev | 0.03958 | 0.05250 | 0.06205 | 0.01139 | 0.00941 | 0.00944 | 0.01433 | 0.00843 |
Skewness |  − 1.57430 |  − 1.40810 | 0.05559 |  − 0.57754 | 0.44405 |  − 0.61122 | 2.87691 |  − 2.24234 |
Kurtosis | 24.8660 | 18.6102 | 17.3183 | 14.3870 | 7.8922 | 7.4029 | 65.7159 | 35.4757 |
Jarque–Bera | 25,174.5 | 12,978.8 | 10,575.9 | 6757.3 | 1275.2 | 1077.1 | 204,599.3 | 55,441.0 |
Probability | 0.000** | 0.000** | 0.000** | 0.000** | 0.000** | 0.000** | 0.000** | 0.000** |
ADF @Level |  − 15.94** |  − 13.99** |  − 13.22** |  − 13.75** |  − 16.07** |  − 15.67** |  − 18.12** |  − 13.86** |
PP @ Level |  − 15.96** |  − 14.08** |  − 13.21** |  − 13.80** |  − 16.09** |  − 15.54** |  − 18.09** |  − 12.74** |
ARCH effect | 457.4** (0.000) | 132.9** (0.000) | 82.7** (0.000) | 234.3** (0.000) | 820.4** (0.000) | 47.8** (0.000) | 931.4** (0.000) | 42.3** (0.000) |
ARCH-LM (5) | 25.3** (0.000) | 91.4** (0.000) | 62.4** (0.000) | 83.3** (0.000) | 304.4** (0.000) | 47.8** (0.000) | 5.4** (0.000) | 42.4** (0.000) |
Observations | 1238 | 1238 | 1238 | 1238 | 1238 | 1238 | 1238 | 1238 |