Asset market equilibria in cryptocurrency markets: Evidence from a study of privacy and non-privacy coins
研究了2016-2018年间市值最高的十种隐私币和非隐私币，发现隐私币存在独特的市场均衡，且市场整体缺乏效率，隐私币的均衡可能源于高市值非隐私币。
This paper explores whether asset market equilibria in cryptocurrency markets do exist. In doing so, it distinguishes between privacy and non-privacy coins. Most recently, privacy coins have attracted increasing attention in the public debate as non-privacy cryptocurrencies, such as Bitcoin, do not satisfy some users’ demands for anonymity. Analyzing ten cryptocurrencies with the highest market capitalization in each submarket in the 2016–2018 periods, we find that privacy coins exhibit a distinct market equilibrium. Contributing to the current debate on the market efficiency of cryptocurrency markets, our findings provide evidence of market inefficiency. Moreover, the asset market equilibrium of privacy coins appears to originate from non-privacy coins with highest market capitalizations. We argue that the reason for this finding could be that non-privacy coins may be the first choice for criminals who might prefer cryptocurrencies exhibiting both a high level of anonymity and liquidity.