The impact of COVID-19 on cryptocurrency markets: A network analysis based on mutual information

Mi Yeon Hong, Ji Won Yoon

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)


The purpose of our study is to figure out the transitions of the cryptocurrency market due to the outbreak of COVID-19 through network analysis, and we studied the complexity of the market from different perspectives. To construct a cryptocurrency network, we first apply a mutual information method to the daily log return values of 102 digital currencies from January 1, 2019, to December 31, 2020, and also apply a correlation coefficient method for comparison. Based on these two methods, we construct networks by applying the minimum spanning tree and the planar maximally filtered graph. Furthermore, we study the statistical and topological properties of these networks. Numerical results demonstrate that the degree distribution follows the power-law and the graphs after the COVID-19 outbreak have noticeable differences in network measurements compared to before. Moreover, the results of graphs constructed by each method are different in topological and statistical properties and the network's behavior. In particular, during the post-COVID-19 period, it can be seen that Ethereum and Qtum are the most influential cryptocurrencies in both methods. Our results provide insight and expectations for investors in terms of sharing information about cryptocurrencies amid the uncertainty posed by the COVID-19 pandemic.

Original languageEnglish
Article numbere0259869
JournalPloS one
Issue number2 February
Publication statusPublished - 2022 Feb

Bibliographical note

Funding Information:
This work was supported by Institute of Information and communications Technology Planning and Evaluation(IITP) grant funded by the Korea government(MSIT) (No.2021-0-00558).

Publisher Copyright:
Copyright: © 2022 Hong, Yoon. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

ASJC Scopus subject areas

  • General


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