The review introduces the history of cryptocurrencies, offering a description of the blockchain technology behind them. Differences between cryptocurrencies and the exchanges on which they are traded have been shown. The central part surveys the analysis of cryptocurrency price changes on various platforms. The statistical properties of the fluctuations in the cryptocurrency market have been compared to the traditional markets. With the help of the latest statistical physics methods the non-linear correlations and multiscale characteristics of the cryptocurrency market are analyzed. In the last part the co-evolution of the correlation structure among the 100 cryptocurrencies having the largest capitalization is retraced. The detailed topology of cryptocurrency network on the Binance platform from bitcoin perspective is also considered. Finally, an interesting observation on the Covid-19 pandemic impact on the cryptocurrency market is presented and discussed: recently we have witnessed a "phase transition" of the cryptocurrencies from being a hedge opportunity for the investors fleeing the traditional markets to become a part of the global market that is substantially coupled to the traditional financial instruments like the currencies, stocks, and commodities. The main contribution is an extensive demonstration that structural self-organization in the cryptocurrency markets has caused the same to attain complexity characteristics that are nearly indistinguishable from the Forex market at the level of individual time-series. However, the cross-correlations between the exchange rates on cryptocurrency platforms differ from it. The cryptocurrency market is less synchronized and the information flows more slowly, which results in more frequent arbitrage opportunities. The methodology used in the review allows the latter to be detected, and lead-lag relationships to be discovered.

中文翻译：

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新兴全球加密货币市场的多尺度特征

该评论介绍了加密货币的历史，并描述了其背后的区块链技术。已显示加密货币与其交易的交易所之间的差异。中心部分调查了各种平台上加密货币价格变化的分析。加密货币市场波动的统计特性已与传统市场进行了比较。借助最新的统计物理方法，分析了加密货币市场的非线性相关性和多尺度特征。在最后一部分中，追溯了 100 种市值最大的加密货币之间相关结构的共同演化。还从比特币的角度考虑了币安平台上加密货币网络的详细拓扑结构。最后，提出并讨论了关于 Covid-19 大流行对加密货币市场影响的有趣观察：最近我们目睹了加密货币的“阶段性转变”，从投资者逃离传统市场的对冲机会成为全球的一部分与货币、股票和商品等传统金融工具密切相关的市场。主要贡献是广泛证明加密货币市场中的结构性自组织已导致其获得复杂性特征，这些特征在单个时间序列水平上与外汇市场几乎无法区分。但是，加密货币平台上的汇率之间的互相关性与之不同。加密货币市场同步性较差，信息流动较慢，导致套利机会更加频繁。审查中使用的方法允许检测后者，并发现超前-滞后关系。