Bitcoin Price Variation: An Analysis of the Correlations

The Bitcoin system is attracting a huge community both from specialists and common people, who see in it a great opportunity of investment. Thanks to the fact that the Bitcoin blockchain in publicly available, and considering that it shows properties of a real economy, Bitcoin is becoming more and more often subject of a number of studies. One of the hardest task in this field, yet interesting also from a non specialist point of view, is the bitcoin price correlation and prediction. In this paper we present a methodological framework for the bitcoin exchange graph analysis which helps in focusing only on restricted time spans that show interesting dynamics of the bitcoin price. We also present our study on three separate time spans and show that empirical correlations can be found between the bitcoin price and some bitcoin exchange graph measures. Lastly, with our framework we are also able to detect some unexpected behaviour from particular users which tend to pile up big amounts of bitcoin over the selected time spans.