The Skewness-Kurtosis Plane for Cryptocurrencies' Universe

Ariston Karagiorgis, Antonis Ballis, Konstantinos Drakos

Research output: Contribution to journalArticlepeer-review


Cryptocurrency returns diverge excessively from normality, with the interrelationship of Skewness and Kurtosis being accordant with a parabolic form, yet this connection is scantly documented. We begin by demonstrating diagrammatically the attributes of the S-K plane for cryptocurrencies. Moreover, by taking advantage of the panel structure of the data, we estimate a quadratic model for the S-K plane. Then we investigate whether the type and the infrastructure of the cryptocurrency, as well as the period under examination, alter the architecture of the plane. We find that the squared Skewness of tokens substantially lowers the slope of Kurtosis, while the same applies to the earlier era of the market.
Original languageEnglish
Article number2795
Number of pages13
JournalInternational Journal of Finance and Economics
Early online date14 Feb 2023
Publication statusE-pub ahead of print - 14 Feb 2023

Bibliographical note

This is the peer reviewed version of the following article: Karagiorgis, A et al., (2023). The Skewness-Kurtosis plane for cryptocurrencies' universe. International Journal of Finance & Economics, 1– 13., which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.


  • Cryptocurrencies
  • Higher Moments
  • Skewness
  • Kurtosis
  • Bitcoin


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