Kripto Para Piyasasının Minimum Kapsayan Ağaç ile Sektörel Analizi

Year 2025, Volume: 40 Issue: 2, 400 - 409, 04.06.2025

Emircan Yıldırım , Kerim Eser Afşar , Ahmet Aydın Arı

https://doi.org/10.24988/ije.1514118

https://izlik.org/JA76GK77LM

Abstract

Bu çalışma, Binance’de işlem gören 67 kripto paranın günlük kapanış fiyatları kullanılarak yapılan MST (Minimum Spanning Tree) analiziyle, kripto paraların etkileşim dinamiklerini ve kümelenme özelliklerini incelemiştir. Çalışma, oyun sektöründen 10 kripto parayı ve piyasa hacmi yüksek 56 kripto parayı analiz kapsamına almıştır. Literatürde MST analiziyle kripto paralar çeşitli veçhelerle incelenmiş ancak sektörel bir analiz ihmal edilmiştir. Bu çalışma kripto paraların kategorizasyonuna ve doğrudan kripto oyunlara odaklanmıştır. MST analizine göre, kripto oyunlar ve merkeziyetsiz borsalar kendi aralarında belirgin bir kümelenme sergilemiştir. Ethereum, ağ üzerinde en fazla bağlantıya sahip kripto para olarak öne çıkmıştır. ENJ, kripto oyunlar içinde merkezi bir konumda yer almış ve kripto oyunların çoğu kendi içinde bir kümelenme göstermiştir. İçsel öngörü Bitcoin’in kripto para piyasasında domine bir güce sahip olarak daha fazla bağlantıya sahip olacağıdır. Ancak analize göre Ethereum kripto para sektöründe merkezi bir konumda yer almaktadır.

Keywords

Minumum Yayılan Ağaç , Kripto Paralar , Finansal Ağlar , Blok Zinciri , Kripto Para Piyasası

Sectoral Analysis of the Cryptocurrency Market Using Minimum Spanning Tree

https://izlik.org/JA76GK77LM

Abstract

This study examined the interaction dynamics and clustering characteristics of cryptocurrencies using MST (Minimum Spanning Tree) analysis based on the daily closing prices of 67 cryptocurrencies traded on Binance. The study included ten cryptocurrencies from the gaming sector and 56 high-market-cap cryptocurrencies. While cryptocurrencies have been analysed from various perspectives using MST in the literature, sectoral analysis has been neglected. This study focused on the categorization of cryptocurrencies and directly on crypto games. According to the MST analysis, crypto games and decentralized exchanges exhibited significant clustering within themselves. Ethereum emerged as the cryptocurrency with the most connections on the network. ENJ held a central position within crypto games, and most crypto games showed clustering among themselves. The intuitive expectation was that Bitcoin would have more connections, dominating the cryptocurrency market. However, the analysis indicated that Ethereum occupies a central position in the cryptocurrency sector.

Keywords

Minimum Spanning Tree , Cryptocurrencies , Financial Networks , Blockchain , Cryptocurrency Market

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