This paper empirically examines the convergence of cryptocurrency markets with particular attention to top 30 cryptocurrencies. The study applies the novel Phillips and Sul panel convergence technique to daily closing price data of 30 cryptocurrencies for the period October 4, 2017 to May 31, 2020. The empirical findings suggest the evidence of divergence and the existence of club convergence across the cryptocurrency markets. The study finds the existence of five clubs in the top 30 cryptocurrency markets. The outcome of the study helps the investors and crypto lovers to diversify their portfolio by seeing the common transition path of the group of currencies.

中文翻译：

---

加密货币市场的趋同模式：来自俱乐部趋同的证据

本文实证研究了加密货币市场的融合，特别关注前 30 种加密货币。该研究将新颖的 Phillips 和 Sul 面板收敛技术应用于 2017 年 10 月 4 日至 2020 年 5 月 31 日期间 30 种加密货币的每日收盘价数据。实证结果表明存在分歧的证据，并且存在跨加密货币市场的俱乐部收敛. 该研究发现，在前 30 个加密货币市场中存在五个俱乐部。研究结果有助于投资者和加密货币爱好者通过了解这组货币的共同过渡路径来多样化他们的投资组合。