{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,15]],"date-time":"2026-04-15T18:57:15Z","timestamp":1776279435449,"version":"3.50.1"},"reference-count":99,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2023,5,9]],"date-time":"2023-05-09T00:00:00Z","timestamp":1683590400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>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)\u223cV\u03b1 with \u03b1\u22731.<\/jats:p>","DOI":"10.3390\/e25050772","type":"journal-article","created":{"date-parts":[[2023,5,10]],"date-time":"2023-05-10T03:32:27Z","timestamp":1683689547000},"page":"772","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":25,"title":["What Is Mature and What Is Still Emerging in the Cryptocurrency Market?"],"prefix":"10.3390","volume":"25","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-1613-6175","authenticated-orcid":false,"given":"Stanis\u0142aw","family":"Dro\u017cd\u017c","sequence":"first","affiliation":[{"name":"Faculty of Computer Science and Telecommunications, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"},{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8813-9637","authenticated-orcid":false,"given":"Jaros\u0142aw","family":"Kwapie\u0144","sequence":"additional","affiliation":[{"name":"Complex Systems Theory Department, Institute of Nuclear Physics, Polish Academy of Sciences, ul. Radzikowskiego 152, 31-342 Krak\u00f3w, Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2131-7440","authenticated-orcid":false,"given":"Marcin","family":"W\u0105torek","sequence":"additional","affiliation":[{"name":"Faculty of Computer Science and Telecommunications, Cracow University of Technology, ul. Warszawska 24, 31-155 Krak\u00f3w, Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2023,5,9]]},"reference":[{"key":"ref_1","unstructured":"Wattenhofer, R. (2016). The Science of the Blockchain, CreateSpace Independent Publishing Platform."},{"key":"ref_2","unstructured":"Lantz, L., and Cawrey, D. (2020). Mastering Blockchain, O\u2019Reilly Media."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"182","DOI":"10.1016\/j.irfa.2018.09.003","article-title":"Cryptocurrencies as a financial asset: A systematic analysis","volume":"62","author":"Corbet","year":"2019","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_4","doi-asserted-by":"crossref","unstructured":"Gil-Cordero, E., Cabrera-S\u00e1nchez, J.P., and Arr\u00e1s-Cort\u00e9s, M.J. (2020). Cryptocurrencies as a financial tool: Acceptance factors. Mathematics, 8.","DOI":"10.3390\/math8111974"},{"key":"ref_5","unstructured":"Cachanosky, N. (2020). 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