Interesting, what assumptions would you say are being made with this model? E.g., Why should price be modeled as the log of the rank?
This is the
King effect. While the majority of data points fit onto the line, the top few are above it. This suggests that we are unlikely to have the top 10 days having a similar price, i.e. there will be a significant reduction after the top is reached. This has been particularly applicable to Bitcoin so far.
We need constant updating of such bitcoin prices to capture the market. Until I hold in my hand a little bicoin, I do not care much about the increase or decrease of bitcoin. Because of the high or low, I do not sell because I need to keep some money.