In this paper we carried out a comprehensive study of the efficiency in the cryptocurrency markets. The markets under study are: Bitcoin, Litecoin, Ethereum, Ripple, Stellar and Monero. To study the efficiency of these markets, we use a set of five test which are applied in both a static context and dynamic context. The results obtained depend on both the analysis period and the methodology used to test the predictability of the return. However, some conclusions can be drawn: first, we observe that overall, the efficiency degree tends to increase with the time. Second, although the efficiency market seems to change along the period, the changes in the Bitcoin, Litecoin and Ethereum market show a clear tendency that evolves from less to more efficiency. In the case of Ripple, Stellar and Monero, periods of efficiency alternate with periods of inefficient, which is consistent with the adaptive market hypothesis.

在本文中，我们对加密货币市场的效率进行了全面研究。正在研究的市场是：比特币、莱特币、以太坊、瑞波币、恒星币和门罗币。为了研究这些市场的效率，我们使用了一组五个测试，这些测试适用于静态环境和动态环境。获得的结果取决于分析周期和用于测试回报可预测性的方法。但是，可以得出一些结论：首先，我们观察到，总体而言，效率程度随着时间的推移而增加。其次，虽然效率市场似乎随着时间的推移而变化，但比特币、莱特币和以太坊市场的变化表现出明显的趋势，即从效率低到效率高。就瑞波币、恒星币和门罗币而言，