AN EXHAUSTIVE EMPIRICAL STATISTICAL ANALYSIS AND INTERPRETATION OF BITCOIN DATA

Abstract

With the introduction of Bitcoin, cryptocurrencies gained popularity and have experienced extraordinary growth in the last several years. There are already over 720 cryptocurrencies, with Bitcoin continuing to be the most widely used as of November 2016. An attempt has been made to illustrate the statistical characteristics of the most significant cryptocurrency, “Bitcoin,” in the current situation. This study serves as an example of the importance of data analytics and the function that statistical implications play in analyzing real-time data streams. The paradigm change from statistical data analysis to data analytics is also explored in the case study report preparation. To forecast daily returns on Bitcoin based on its historical pricing, this study examines the features connected with Bitcoin data analysis, analyzes the market capitalization, and advances understanding of the growth and impact of Bitcoins. This study offers proof of the possible use of technical analysis with Bitcoin. Received: November 28, 2023Revised: December 8, 2023Accepted: January 4, 2024