Statistical analysis of the use of cryptocurrencies

Orhan Fatih Dos

Bakalářská práce

Abstract:

This Bachelor Thesis studied the daily prices of cryptocurrencies. The reason for their volatility and why the population still invest in them has been investigated. It took a deeper look at types of cryptocurrencies and the differences between them. It looked at the blockchain technology with the way it was implemented to the cryptocurrencies to make them a secure method of payment. Furthermore, how the emergence has forever changed the economic system of the countries and will continue to influence the future will be discussed. For the practical part, time series analysis and other various types of analysis is used to find patterns between the prices of cryptocurrencies and to try to predict prices of these cryptocurrencies using ARIMA Models. Analysis of the uses of cryptocurrencies has been made to understand where the cryptocurrencies are mainly used at. Multiple tools will be used to clean the data and make the statistical analysis. Data is obtained from multiple sources as they are publicly available. Factors that affect the prices, how this method of payment has become popular as well as how the transactions are digitally validated and added to the blockchain will be thoroughly explained. In result, it is found that forecasting of cryptocurrencies prices can be made using ARIMA Models with a high level of accuracy. It was found that the ARIMA Model’s accuracy has been between 96.52% and 95.46% depending on the volatility of the cryptocurrencies. Heteroskedasticity has been seen in the data and conclusions have been accordingly and the recommendations.

Keywords

Bitcoin, Blockchain, Cryptocurrency, Economic systems, Mining, Decentralization

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 19. 3. 2023

Obhajoba závěrečné práce

• Obhajoba proběhla 15. 5. 2023
• Vedoucí: Ing. Zuzana Pacáková, Ph.D.
• Oponent: Jindřich Špička, Ph.D.

Česká zemědělská univerzita v Praze

Provozně ekonomická fakulta

Bakalářský studijní program:
Informatics