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Toward Characterizing Blockchain-Based Cryptocurrencies for Highly Accurate Predictions
- Source :
- IEEE Systems Journal. 14:321-332
- Publication Year :
- 2020
- Publisher :
- Institute of Electrical and Electronics Engineers (IEEE), 2020.
-
Abstract
- Recently, the Blockchain-based cryptocurrency market witnessed enormous growth. Bitcoin, the leading cryptocurrency, reached all-time highs many times over the year leading to speculations to explain the trend in its growth. In this article, we study Bitcoin and Ethereum and explore features in their network that explain their price hikes. We gather data and analyze user and network activity that highly impact the price of these cryptocurrencies. We monitor the change in the activities over time and relate them to economic theories. We identify key network features that help us to determine the demand and supply dynamics in a cryptocurrency. Finally, we use machine learning methods to construct models that predict Bitcoin price. Based on our experimental results using two large datasets for validation, we confirm that our approach provides an accuracy of up to 99% for Bitcoin and Ethereum price prediction in both instances.
- Subjects :
- Cryptocurrency
021103 operations research
Blockchain
Computer Networks and Communications
business.industry
Computer science
0211 other engineering and technologies
02 engineering and technology
Data science
Network activity
Price prediction
Computer Science Applications
Supply and demand
Market research
Control and Systems Engineering
Key (cryptography)
Electrical and Electronic Engineering
business
Construct (philosophy)
Information Systems
Subjects
Details
- ISSN :
- 23737816 and 19328184
- Volume :
- 14
- Database :
- OpenAIRE
- Journal :
- IEEE Systems Journal
- Accession number :
- edsair.doi...........6fde7b0efb25af266018d491b6596438
- Full Text :
- https://doi.org/10.1109/jsyst.2019.2927707