In relation to the traditional financial markets, the cryptocurrency market is a recent invention and the trading dynamics of all its components are readily recorded and stored. This fact opens up a unique opportunity to follow the multidimensional trajectory of its development since inception up to the present time. Several main characteristics commonly recognized as financial stylized facts of mature markets were quantitatively studied here. In particular, it is shown that the return distributions, volatility clustering effects, and even temporal multifractal correlations for a few highest-capitalization cryptocurrencies largely follow those of the well-established financial markets. The smaller cryptocurrencies are somewhat deficient in this regard, however. They are also not as highly cross-correlated among themselves and with other financial markets as the large cryptocurrencies. Quite generally, the volume V impact on price changes R appears to be much stronger on the cryptocurrency market than in the mature stock markets, and scales as $R(V) \sim V^{\alpha}$ with $\alpha \gtrsim 1$.

翻译：相对于传统金融市场，加密货币市场是近年才出现的创新，其所有组成部分的交易动态均被实时记录并存储。这一特性为追踪该市场自诞生至今的多维发展轨迹提供了独特机遇。本研究对成熟金融市场普遍公认的若干核心统计特征进行了量化分析。具体而言，研究表明：高市值加密货币的收益分布、波动聚集效应乃至时间多重分形关联性，在较大程度上与成熟金融市场特征相符。然而，小市值加密货币在此方面存在明显不足，其彼此之间以及与其他金融市场的交叉相关性远不及大型加密货币。总体而言，加密货币市场中的交易量V对价格变动R的影响显著强于成熟股票市场，且满足标度关系$R(V) \sim V^{\alpha}$（其中$\alpha \gtrsim 1$）。