Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Ricardo Fernholz

Terms of Use & License Information

Terms of Use for work posted in Scholarship@Claremont.

Rights Information

© 2023 Tyler J Duggan


This paper builds upon existing literature on the existence of size effects in the cryptocurrency market. Previous papers have observed the existence of size effects in cryptocurrencies when looking at daily and weekly price returns during the period of 2014 to 2018. However, the cryptocurrency market of 2018 is quite different than the cryptocurrency market of 2023 in terms of volume, pricing, and retail exposure. This paper affirms the previous findings of size effects and finds evidence of the presence of size effects through 2022. Additionally, we look at the results on a yearly and monthly basis, a level of granularity that has not previously been examined in the cryptocurrency market. Based on our findings of size effects, a potential trading strategy is discussed in terms of when taking advantage of size effects would be profitable, and the limitations of the strategy as a result of transactional fees.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.