Cryptocurrency trading: a comprehensive
survey

A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.

Abstract
In recent years, t

Introduction
Cryptocurrencies have experienced broad market acceptance and fast development
despite their recent conception. Many hedge funds and asset managers have begun to
include cryptocurrency-related assets into their portfolios and trading strategies. Te
academic community has similarly spent considerable eforts in researching cryptocurrency trading. Tis paper seeks to provide a comprehensive survey of the research on
cryptocurrency trading, by which we mean any study aimed at facilitating and building
strategies to trade cryptocurrencies.
As an emerging market and research direction, cryptocurrencies and cryptocurrency
trading have seen considerable progress and a notable upturn in interest and activity (Farell 2015). From Fig. 1, we observe over 85% of papers have appeared since 2018,
demonstrating the emergence of cryptocurrency trading as a new research area in fnancial trading. Te sampling interval of this survey is from 2013 to June 2021.
Te literature is organised according to six distinct aspects of cryptocurrency trading

 

• Cryptocurrency trading software systems (i.e., real-time trading systems, turtle trading systems, arbitrage trading systems);
• Systematic trading including technical analysis, pairs trading and other systematic
trading methods;
• Emergent trading technologies including econometric methods, machine learning
technology and other emergent trading methods;
• Portfolio and cryptocurrency assets including research among cryptocurrency comovements and crypto-asset portfolio research;
• Market condition research including bubbles (Flood et al. 1986) or crash analysis and
extreme conditions;
• Other Miscellaneous cryptocurrency trading research.
In this survey we aim at compiling the most relevant research in these areas and extract
a set of descriptive indicators that can give an idea of the level of maturity research in
this area has achieved.
We also summarise research distribution (among research properties and categories/
research technologies). Te distribution among properties defnes the classifcation of
research objectives and content. Te distribution among technologies defnes the classifcation of methods or technological approaches to the study of cryptocurrency trading.
Specifcally, we subdivide research distribution among categories/technologies into statistical methods and machine learning technologies. Moreover, We identify datasets and
opportunities (potential research directions) that have appeared in the cryptocurrency
trading area. To ensure that our survey is self-contained, we aim to provide sufcient
material to adequately guide fnancial trading researchers who are interested in cryptocurrency trading.
Tere has been related work that discussed or partially surveyed the literature
related to cryptocurrency trading. Kyriazis (2019) investigated the efciency and
proftable trading opportunities in the cryptocurrency market. Ahamad et al. (2013)
and Sharma et al. (2017) gave a brief survey on cryptocurrencies, merits of cryptocurrencies compared to fat currencies and compared diferent cryptocurrencies that are


muhammad saqib khan

5 Articles posts

Comments