Abstract
Investigating the time–frequency-based phase synchronization between nonstationary time series of the cryptocurrencies’ prices can be a suitable tool to reveal their complicated interactions at different frequencies. In this work, the phase synchronization between 25 cryptocurrencies with the highest capitalization from December 1, 2021 to June 1, 2022 is calculated using the phase-locking value method based on wavelet transform. Then, utilizing the graph theory, the cryptocurrency networks are constructed, and their topological features like path length (PL), clustering coefficient (CC) and node strength are evaluated in various frequencies. This research indicates a strong phase synchronization between the investigated cryptocurrencies, especially in low frequencies. Also, the networks’ high average CC and short PL compared to their equivalent regular and random networks display the small-worldness of the networks. We observe from the obtained results that Bitcoin, Ethereum and Binance currencies, among the most popular cryptocurrencies, have the highest average node strengths at different frequencies. Also, TRON shows the lowest CC and node strength among all currencies, representing its limited phase interaction with other currencies.
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