Abstract:

The focus of this research is to describe and discuss future blockchain technology in relation to different forms of digital cryptocurrencies by investigating distinct characteristics and common features of cryptocurrencies on the market. This research explores significant relationships between the major cryptocurrencies on the complex cryptocurrency market ecosystem, particularly Bitcoin and the most prominent altcoins based on historical market capitalization data for the last two years. In this work cross-correlations between different cryptocurrencies are examined in terms of changes in the market capitalization value. For the comparative analysis minimum spanning tree (MST) and hierarchical structure tree (HST) methods are applied in the context of economic behaviour of cryptocurrencies with regard to global cryptocurrency market trends. 

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