Relationship between Bitcoin Exchange Rate and Other Financial Indexes in Time Series

Table 5

Johansen maximum likelihood co-integration test result.

Hypothesized no. of CE(s)	Eigenvalue	Trace statistics	Critical value at α = 0.05	Probability
None^@	0.065359	226.9521	134.6780	0.0000
At most 1^@	0.04826	139.6904	103.8473	0.0000
At most 2	0.0282	75.8209	76.9727	0.0610
At most 3	0.0144	38.8515	54.0790	0.5287
At most 4	0.0077	20.0129	35.1927	0.7259
At most 5	0.0055	9.9263	20.2618	0.6471
At most 6	0.0020	2.6882	9.16454	0.6404

Significant level of 1%; ^@the number of co-integrated equations.