Quantitative analysis of cryptocurrencies transaction graph

TL;DR

This paper compares the transaction graphs of Bitcoin, Ethereum, Litecoin, Dash, and Z-Cash, analyzing their dynamics over time and relating graph properties to currency prices.

Contribution

It provides a comprehensive comparison of multiple cryptocurrencies' transaction graphs, highlighting their structural properties and temporal dynamics.

Findings

Growth rate of nodes and edges correlates with currency prices

Transaction graphs are non-assortative

Degree sequences follow power law distribution

Abstract

Cryptocurrencies as a new way of transferring assets and securing financial transactions have gained popularity in recent years. Transactions in cryptocurrencies are publicly available, hence, statistical studies on different aspects of these currencies are possible. However, previous statistical analysis on cryptocurrencies transactions have been very limited and mostly devoted to Bitcoin, with no comprehensive comparison between these currencies. In this study, we intend to compare the transaction graph of Bitcoin, Ethereum, Litecoin, Dash, and Z-Cash, with respect to the dynamics of their transaction graphs over time, and discuss their properties. In particular, we observed that the growth rate of the nodes and edges of the transaction graphs, and the density of these graphs, are closely related to the price of these currencies. We also found that the transaction graph of these currencies is non-assortative, and the degree sequence of their transaction graph follows the power law distribution.