In an overall story of tremendous growth, by February 2018 around 1500 cryptocurrencies existed with their total market capitalization hitting an all-time high of $830 billion on 7 January 2018, and then crashing to $280 billion in the following month-a sensational drop, but only partially undoing gains made in Q4 2017. From its techno-libertarian beginnings, Bitcoin, and a host of other cryptocurrencies have turbulently erupted into the mainstream. In 2008, under the pseudonym Satoshi Nakamoto, the decentralized cryptocurrency Bitcoin and its innovative and disruptive blockchain technology 1 were introduced. The theory predicts that the exponent for tokens should converge to 1 in the future, reflecting a more reasonable rate of new entrants associated with genuine technological innovations. Our results clearly characterize coins as being ‘entrenched incumbents’ and tokens as an ‘explosive immature ecosystem’, largely due to massive and exuberant Initial Coin Offering activity in the token space. Estimating the main parameters of the model, the theoretical predictions for the power-law exponents of coin and token distributions are in remarkable agreement with the empirical estimations, given the simplicity of the model. We empirically validate the model and its main predictions, in terms of proportional growth (Gibrat's Law) of the coins and tokens. We provide a rationale for this, based on a simple proportional growth with birth and death model previously employed to describe the size distribution of firms, cities, webpages, etc. We empirically verify that the market capitalizations of coins and tokens in the cryptocurrency universe follow power-law distributions with significantly different values for the tail exponent falling between 0.5 and 0.7 for coins, and between 1.0 and 1.3 for tokens.
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