An Investigation of Fiat Characterization and Evolutionary Dynamics of the Cryptocurrency Market

Recent developments in global financial markets revealed that cryptocurrencies experienced rapid growth due to the popularity of blockchain technology and its evolving position digital finance industry. The rise led economists question generally accepted practices. Particularly interaction between two different types arose as a hot research topic discover specific relationships differences major fiat currencies. Therefore, this article aims examine analyze by attaching importance Bitcoin investigate significant linkages critical direct indirect connections. In research, Bitcoin—which is known most prominent cryptocurrency on market—and 50 conventional currencies are taken into consideration applying cross-correlation, HT (hierarchical tree), MST (minimum spanning tree) methods. results work can be utilized academicians for further related subject.