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ИД «Финансы и кредит»






Finance and Credit

The history of blockchain technology and cryptocurrency market development

Vol. 27, Iss. 4, APRIL 2021

Received: 21 December 2020

Received in revised form: 1 February 2021

Accepted: 15 February 2021

Available online: 29 April 2021

Subject Heading: Financial system

JEL Classification: F35, G15, G17

Pages: 740–762


Larisa A. CHALDAEVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Arsenii A. DANILIN Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article addresses the cryptocurrency market that originates from the creation of the world's first cryptocurrency, i.e. Bitcoin. It overviews the blockchain technology and mining procedures for the digital currency.
Objectives. The purpose of the study is to evaluate trends in the cryptocurrency market within the historical aspects, perform a profound analysis of digital assets terminology, including the concept of forks, tokens and altcoins, investigate changes in the Bitcoin and alternative cryptocurrency market by analyzing the Bitcoin Dominance Index, which has suffered significant fluctuations over the past five years.
Methods. The study rests on the systems analysis of conceptual framework, the design of classification criteria, the functional, structural, statistical, graphical, and economic analysis.
Results. The findings enabled to identify growth drivers for world’s cryptocurrency trading platforms. The growth primarily relates to the progressive development of the cryptocurrency market infrastructure. Other factors include the extended usage of stablecoins on the world’s biggest crypto exchanges.
Conclusions. The paper provides a detailed consideration of changes in the cryptocurrency market development, which are divided into three main stages. The cryptocurrency community appreciates blockchain projects that have introduced new technologies. The most popular projects are implemented in the banking sector or used in the interaction between the cryptocurrency industry and traditional fiat currencies.

Keywords: blockchain, cryptocurrency, token, Bitcoin, mining


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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Vol. 27, Iss. 4
April 2021