Technological Change and Market Conditions: Evidence from Bitcoin Fork

Table 6

Power-law exponent.

	Top 5%	Bottom 5%
Bitcoin	3.90  0.98	3.25  0.80
Bitcoin Cash	2.44  0.61	2.53  0.62

We estimate the power-law exponents (PLEs) based on the ordinary least square method in the positive and the negative tails of the normalized return distributions. Because the ranking process allows the residuals to be positively autocorrelated, the standard error (SE) could be incorrect. In this paper, the SE of the PLE is calculated from , asymptotic SE of PLE [55].