An Association between Bitcoin and Altcoins – Data Mining Approach Determining Who Moves Who
AbstractIn recent years the sharp uptrend in the price of Bitcoin had created a popular attraction and interest towards cryptocurrencies. The movement in Bitcoin was not in isolation. The interest generated in minds of the global investors of every category was because of a combined uptrend that was seen in the prices of cryptocurrencies across the board. The basic objectives of the research were to identify the joint movement among four major cryptocurrencies i.e. Bitcoin, Ethereum, Ethereum Classic and Litecoin understand their association using Frequent Pattern Mining Algorithm. While analyzing 12163 observations, the total of 43 frequent patterns & 40 association rules were decoded at 60 % confidence and 8 rules were decoded at 70% confidence. The Rise in price of Bitcoin, Ethereum and Ethereum Classic were causing a rise in price of Litecoin strongly with Lift value of 1.68 with support of 1504 observations at 70% level of confidence
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