*Article* **What Is Mature and What Is Still Emerging in the Cryptocurrency Market?**

**Stanisław Drozd˙ z˙ 1,2,†, Jarosław Kwapie ´n 2,† and Marcin W ˛atorek 1,\*,†**


**Abstract:** In relation to the traditional financial markets, the cryptocurrency market is a recent invention and the trading dynamics of all its components are readily recorded and stored. This fact opens up a unique opportunity to follow the multidimensional trajectory of its development since inception up to the present time. Several main characteristics commonly recognized as financial stylized facts of mature markets were quantitatively studied here. In particular, it is shown that the return distributions, volatility clustering effects, and even temporal multifractal correlations for a few highest-capitalization cryptocurrencies largely follow those of the well-established financial markets. The smaller cryptocurrencies are somewhat deficient in this regard, however. They are also not as highly cross-correlated among themselves and with other financial markets as the large cryptocurrencies. Quite generally, the volume *V* impact on price changes *R* appears to be much stronger on the cryptocurrency market than in the mature stock markets, and scales as *<sup>R</sup>*(*V*) <sup>∼</sup> *<sup>V</sup><sup>α</sup>* with *α* -1.

**Keywords:** blockchain; cryptocurrencies; time series; fluctuations; correlations; multifractality; market maturity; market impact
