Cryptocurrencies: Stylized facts on a new investible instrument
研究了222种数字货币的二级市场收益特征，发现所有其他货币的收益与比特币高度相关，并提供了64个首次代币发行的投资特性。
Abstract We present stylized facts on the asset pricing properties of cryptocurrencies: summary statistics on cryptocurrency return properties and measures of common variation for secondary market returns on 222 digital coins. In our sample, secondary market returns of all other currencies are strongly correlated with Bitcoin returns. We also provide some investment characteristics of a sample of 64 initial coin offerings.